Income Tax Refund Deposit Bookkeeping Question

Income Tax Refund

How do I show a deposit for income tax refund in QuickBooks?

Insurance Audit Refund

by JM
(Englewood, CO)

We are getting a refund from our recent GL/Auto insurance audit. We have asked that they apply it to this year's premiums, which they did this month. How do I post this as I have already set up my recurring payment and monthly journal entry to reflect the original premium balance?

Hello JM,

Thank you for your inquiry.

If they applied the refund all to one months payment, you can go ahead and just post the credit transaction to the same month. Enter the credit memo and apply the credit to your already set up recurring payment and monthly journal entry that reflects the original premium balance.

If they applied the refund to each payment throughout the year, you will need to go ahead and adjust your monthly recurring payment to match the new amounts.

OVERPAID STAFF MEMBER

I have made a single payment to a staff member - the complete amount is the overpayment. How do I reconcile this in Quickbooks. I have written a cheque to the employee, he will now draw the cash from his account and I will then deposit the amount into our account once again.

How is this error handled ?

Many thanks

Refund Adjustments

In my business, I refunded clients that had overpayments. A check was returned in the mail to me. What adjustments do I need to do if any?

Refunds

How do you classify a refund...what type of account? Is it an expense account or an income account?

Hello,

Thank you for your question,

A refund is typically classified as an income account. It would be a subsidiary of the main income account and would show up on the profit and loss as a negative offsetting income.

Returns

by Lindsey
(Indiana)

Returned supplies for $90, which was the cost of the supplies? How do I bookkeep this?

Returns

by Lindsey
(Indiana)

Returned supplies for $90, which was the cost of the supplies? How do I bookkeep this?

Returns

by Lindsey
(Indiana)

Returned supplies for $90, which was the cost of the supplies? How do I bookkeep this?

REFUND

WHAT IS THE DOUBLE ENTRY FOR REFUND WE PAID TO THE CUSTOMERS?

Reimbursements

by Norma
(Illinois)

I work for an event planner. She pays for wedding expenses and then gets reimbursed by her clients. How do I post that to her books, should I make reimbursement income account?

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