How do I enter returns at Lowe's from previous purchases?

I just upgraded to 2019 Home, Business and Rental Property. I have never been able to figure out how to enter a return as a negative expense.  I am using only the Rental Property features in Quicken to store properties, tenants, rental income and rental expenses, print reports for tax preparation, but no other features of this software.  After repair projects I usually have items left over to return for refunds.  I can't always tie them back to the original purchase to reduce that amount as I have high volume activity.  How do I process a refund in this software?  Hope someone can help.  Thank you.

Best Answer

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Enter the transaction as if it were a payment to Lowe's ... and use the same category and amounts as you used for the purchase.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • I only use the Rental Property tab.  Don't see any drop down where I would make such an entry?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    SO, how did you record those original purchases?  OR, did you not record them in Q?
    And, when you receive rent payments, do you not transfer those to a bank account?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • I only use the Rental Property tab functions.  Under that tab I select Add Transaction, Enter Expense, select which property I want from my list I have set up, then enter expense to log the purchase.  To enter a Rent, use Add Transaction, Enter Rent, select the tenant from my established list and apply.  At the end of year I have everything I need to print reports for tax purposes.  I do not use the Quicken checkbook.  I maintain a traditional checkbook and bank accounts for deposits and writing checks.
  • Greg_the_Geek
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    Can you enter the return as a negative number?
    Quicken Subscription HBRP - Windows 10
  • No, I have tried that. 
  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Can you provide a screenshot of your register? There is no reason why returns cannot be entered without a better understanding.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • Attached is a screenshot.  I tried to enter a negative $51.00 in the expense tab to represent a return, but won't accept it.  That would be logical, but didn't work.  I haven't yet found a way.  Returns are very common when you have a rental business, doing many repairs, making daily purcahses and taking things back at end of a job, sometimes many weeks after you purchased them.

  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Gary, can you please re-post your image using the image loader?
    docx files are not supposed to be able to uploaded and can harbor malware.

    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • Not sure how to do that.  Never used image loader.  Is that using my Android phone?
  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    However you captured the image and inserted into Word, the image is on your PC. Click the icon I highlighted above and you can browse to the image file.
    If the image is not on your PC (on phone), then email it to an address you use accessing from your PC and save to your download folder.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • Here it is.




  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    Perfect, that helps. Couple of issues, and I will profess to not using H&B, but all versions share a similarity. I see you have selected a cash account. Normally Quicken uses checking, savings and credit card accounts. While you can have a cash account, it's not easily tracked. Quicken should mirror your "real life" financial activity. So did you actually purchase this item using cash? Do you solely use cash to operate your business?
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • Ok, interesting!  I must have set it up that way 5-6 years ago not knowing anything about why or implications.  I don't pay any attention to the "cash account" label and it doesn't tie out to anything.  I have monthly charge accounts at major suppliers and charge cards that I primarily use, but I don't need Quicken to track them.  Should I change the "cash" to something else that will allow me to enter returns?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @GeoffG Based upon prior statements, including that he doesn't use "Quicken checkbook", I think that this is actually a pseudo-cash-account, that doesn't really exist.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • That is correct.  The number is meaningless, it doesn't exist, I just ignore it.
  • Any other suggestions to be able to process "returns" ?
  • GeoffG
    GeoffG SuperUser ✭✭✭✭✭
    I have to say I'm a bit confused. You are using a cash account which typically does not get reconciled and so then as you stated the number is meaningless. So why bother with a return at all? If this were a checking or credit card account, you would simply enter the amount as (-) and be on you way. You cannot enter (-) in a cash account because you cannot have negative cash only >0 or 0.
    user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 21H1
  • I need to process a return to legitimately reduce my previous expense for that property.  I now understand why the cash account won't take a negative number.  I will poke around and experiment to see if I change the account to something other than cash if it will work without messing up my comprehensive tracking of rents and expenses for tax purposes.  Thanks for trying to help.
  • OK, I will certainly try the "Receive" column to enter a return.  I have not tried that before.  It makes sense.  Thanks.
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