how do I show refunds as a negative income?

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    To show a refund as negative income, you would use an income category for the withdrawal.  I suggest using the same income category you used when you received the income for the refund transaction.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Refund of WHAT? An income item?  Or a refund for a purchase returned.
    BUT, in general, use the same category that was used for the initial transaction ... thus "reversing" it.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • When I issue a refund, I have to issue a credit first. I categorized my item sold as Sales, Business. When my client wanted to return it, I had to issue him a credit, according to Quicken, then issue a refund. His balance was 0. But I don't see that credit or refund on my Sales account as a negative number.
  • Chris_QPW
    Chris_QPW Member ✭✭✭✭
    GulfLifts said:
    But I don't see that credit or refund on my Sales account as a negative number.
    Why not, that is what it is?
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    (I'm always using the latest Quicken Windows Premier subscription version)
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  • Looking at profit and loss statement, the credit does NOT show up.
    How can I fix that?