Community Homepage
Discussions
Categories
Quicken for Mac
Quicken Lifehub
Quicken Mobile
Quicken on the Web
Quicken for Windows
Support
Quicken Classic
Quicken Simplifi
Getting Started
Community Training FAQs
Using and Improving the Community
Announcements & Alerts
Announcements
Alerts, Online Banking & Known Product Issues
Product Ideas
Connect and Engage
The Community Meetup
The Water Cooler
The Lounge
Beta
Home
Quicken Classic for Windows
New to Quicken/Getting Started (Windows)
how to categorize a business purchase, that I returned?
pdxmaven
If I buy something for my business, say a book or computer software. And then I return the book, how do I categorize that? I'd like to be able to how it reference the original purchase. So, for example, I bought a book and then the book was returned, for the same amount, or a partial refund. But it seems that Quicken considers this sort of thing as "income", rather than "zero-ing out" (as it were) the original purchase. And then when I set up an income category, for tax purposes, it has to reference a particular line item on my Schedule C, and these returns (because they are for various different things) potentially relate to many different lines of my Schedule C
thanks in advance for input
Find more posts tagged with
Accepted answers
volvogirl
Aren't you just entering the refund back to the same expense category you made the purchase?
BK
I would use the same expense category for both transactions:
I purchase a shirt for $20 on my CC, so the category is 'shopping: Clothing'. I then return the shirt and receive a $20 refund on my CC. I categorize it same thing: 'shopping: Clothing'.
That way they zero out.
All comments
volvogirl
Aren't you just entering the refund back to the same expense category you made the purchase?
BK
I would use the same expense category for both transactions:
I purchase a shirt for $20 on my CC, so the category is 'shopping: Clothing'. I then return the shirt and receive a $20 refund on my CC. I categorize it same thing: 'shopping: Clothing'.
That way they zero out.
pdxmaven
Thanks to both of you. It worked fine. somehow I had gotten it stuck in my head that because the refund was coming in as a credit to my account, I had to deal with it somehow in the "business income" section
Quick Links
All Categories
Recent Posts
Activity
Unanswered
Best Of