welcome to the fit small business
quickbooks online training course in
this lesson we're going to cover how to
enter credit card returns in quickbooks
online so follow along with me login to
your quickbooks online account now or
click the link below for a free 30-day
trial of quickbooks online you can also
click this link to access our full
quickbooks online course and other
helpful resources let's get started
when you purchase items using your
business credit card you may need to
return something because it was damaged
or it just didn't work out the vendor
will usually process the return using
the same credit card that you use to
make the purchase when this credit shows
up on your credit card statement you
need to be sure that it is flagged as a
credit card return and it is coded to
the same account you coded the original
purchase to in this lesson we will walk
you through step-by-step how to
correctly enter credit card returns in
quickbooks from the home page click on
the gear icon located to the left of
your company name and select chart of
accounts click here to watch the video
tutorial on how to set up the chart of
accounts go ahead and scroll down to the
credit card register that you want to go
ahead and display click on the view
register link to the far right and here
is our credit card register from the
drop down you want to go ahead and
select CC credit and this first field is
our date and we want to enter the date
that you returned the product in this
field
the next field reference number and type
here this field is optional I do
recommend that you put credit in this
field and then below the reference
number field the transaction type is
automatically populated with the
transaction type you just previously
selected CC credit if we tab over we
want to go ahead and select the vendor
that we returned the product to in the
payee field
in the memo field you want to include
any additional information about the
return so for example here we've got
return damaged product in the payment
field you want to enter the cost of the
item that was returned and in the
account field you want to select the
account that the credit should be
categorised to it is best practice to
use the same account that you categorize
the original purchase to for the credit
returned after if you completed all of
the fields be sure to save your work if
you need to edit a credit card return
that was previously entered you can
easily do so from this screen if we
wanted to go ahead and edit the
transaction that we just entered we
would simply click anywhere within the
transaction and it would activate it and
allow us to make any changes that we
wanted to to any of these fields again
once you make your changes don't forget
to save refer to the step-by-step
written lesson to learn more about how
your accounts and financial statements
are affected when a credit card return
is recorded in QuickBooks that wraps up
the lesson on how to enter credit card
returns in QuickBooks Online to access
our full QuickBooks Online course or any
of the other lessons in this series
click this link you can also find a link
below this video for a free 30-day trial
of QuickBooks Online if you have
feedback about this course or if you
have any questions please leave a
comment below also don't forget to
subscribe