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Posted by R. C. White on June 15, 2007, 2:43 pm
Please log in for more thread options Hi, Sharif.
Did you receive the $50 cash? Or as a credit on your card?
If your card was credited, enter it as a negative purchase in your ABC
Credit Card Account, reducing your Transportation Expense. You will owe $50
less to ABC, and it should be reflected as a credit on your next statement.
If it was a cash refund to you, add it to your Cash on Hand or your checking
account, just like you would any other cash receipt, again reducing
Transportation Expense. No need to post anything to your ABC account. You
will still owe the full $100 that was charged on the card. The credit card
company won't know or care about the cash refund.
RC
--
R. C. White, CPA
San Marcos, TX
(Retired. No longer licensed to practice public accounting.)
rc@grandecom.net
Microsoft Windows MVP
(Currently running Vista Ultimate x64)
> Hi readers,
>
> Here is an example of a situation I had:
> - In Credit Card "ABC", I spent $100.00, filed to the Transportation
> category, to a merchant called "123".
> - I received a refund of $50.00 a few days later from the merchant
> because the goods were defective.
>
> How would I enter that in Quicken? Should I just put it as a Payment
> to the "ABC" account from "123" in the Transportation category? Please
> help.
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