If you have a situation where you need to refund your customer the money they have paid you, you want to make sure that you are doing it correctly so that everything clears out in the customer’s account and they show the correct balance due if they have one, or that their account balance is zero if they no longer owe you any money. Refunding a customer seems so simple, but many of my clients struggle with how to record the transactions in their bookkeeping system. Most will issue a check for the balance they want to refund, but the confusion normally comes when they need to record the refund in QuickBooks. You may be having the same issues if you are using another bookkeeping software system, but as long as you follow a few key steps, your refund will be recorded correctly. In today’s podcast episode, I’m diving into how you should be correctly recording how you refund your customers in QuickBooks so that their balance is not only correct but everything is linked correctly in your bookkeeping system as well. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, keeping your customers satisfied by refunding any amounts owed to them and recording it correctly in your bookkeeping software will help eliminate any clean up in the future and ensure your financial statements are accurate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, FreshBooks, or HoneyBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities:
https://www.financialadventure.com/accountant
Ready to set up your business? I have a program I’m creating to help you get your business set up so that you can start making money. Sign up for this program here:
https://www.financialadventure.com/start
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to dip your toes in and see how you like coaching with an affordable Introductory Coaching Session. I’ll spend the whole time coaching you on anything you’d like coaching on in your business or your personal life:
https://www.financialadventure.com/intro
Schedule a free consultation, and we’ll work together to dive into where you’d like to see yourself and your business in the future. We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success:
https://www.financialadventure.com/work-with-me
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
https://www.financialadventure.com/profit
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
https://www.financialadventure.com/sidehustle
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
https://www.financialadventure.com/5essentials
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
https://www.financialadventure.com/starterguide
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
https://www.financialadventure.com/sba
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
https://www.financialadventure.com/adp
QuickBooks Online - Save 30% Your First 6 Months:
https://www.financialadventure.com/quickbooks
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
https://www.financialadventure.com/discovery
Show Notes: https://www.financialadventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.
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By Chris Panek - CPA, Business Strategist & Business Coach For Entrepreneurs Growing Their Business
4
2323 ratings
If you have a situation where you need to refund your customer the money they have paid you, you want to make sure that you are doing it correctly so that everything clears out in the customer’s account and they show the correct balance due if they have one, or that their account balance is zero if they no longer owe you any money. Refunding a customer seems so simple, but many of my clients struggle with how to record the transactions in their bookkeeping system. Most will issue a check for the balance they want to refund, but the confusion normally comes when they need to record the refund in QuickBooks. You may be having the same issues if you are using another bookkeeping software system, but as long as you follow a few key steps, your refund will be recorded correctly. In today’s podcast episode, I’m diving into how you should be correctly recording how you refund your customers in QuickBooks so that their balance is not only correct but everything is linked correctly in your bookkeeping system as well. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, keeping your customers satisfied by refunding any amounts owed to them and recording it correctly in your bookkeeping software will help eliminate any clean up in the future and ensure your financial statements are accurate. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, FreshBooks, or HoneyBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Accountants, CPAs, Bookkeepers, Tax Preparers & Financial Professionals, sign up here to get updates on upcoming opportunities:
https://www.financialadventure.com/accountant
Ready to set up your business? I have a program I’m creating to help you get your business set up so that you can start making money. Sign up for this program here:
https://www.financialadventure.com/start
Are you ready to try coaching? Schedule an Introductory Coaching Session today. You’ll have the opportunity to dip your toes in and see how you like coaching with an affordable Introductory Coaching Session. I’ll spend the whole time coaching you on anything you’d like coaching on in your business or your personal life:
https://www.financialadventure.com/intro
Schedule a free consultation, and we’ll work together to dive into where you’d like to see yourself and your business in the future. We’ll create a laser-focused plan, including which action steps you need to take to get started on the path to success:
https://www.financialadventure.com/work-with-me
Join us in the Mastering Your Small Business Finances PROFIT LAB if you are ready to take control of your business finances and create the profitable business you are striving for. Are you ready to generate revenues and increase the profit in your business:
https://www.financialadventure.com/profit
If You Are Ready To Choose, Start Or Grow Your Side Hustle, Get Your Free Checklist And Assessment Here:
https://www.financialadventure.com/sidehustle
Grab Your FREE guide: 5 Essential Strategies For Stress-Free Bookkeeping:
https://www.financialadventure.com/5essentials
Your FREE Online Virtual Bookkeeping Business Starter Guide & Success Path Is Waiting For You:
https://www.financialadventure.com/starterguide
Join Our Facebook Community: https://www.facebook.com/groups/womenbusinessownersultimatediybookkeepingboutique
The Strategic Bookkeeping Academy, including Bookkeeping Basics, is open for registration! You can learn more and sign up here:
https://www.financialadventure.com/sba
Looking for a payroll solution for your business? You can get an exclusive 15% discount on your payroll services when you sign up here:
https://www.financialadventure.com/adp
QuickBooks Online - Save 30% Your First 6 Months:
https://www.financialadventure.com/quickbooks
Sign up for a virtual coffee chat to see if starting a Bookkeeping Business is right for you:
https://www.financialadventure.com/discovery
Show Notes: https://www.financialadventure.com
This podcast is sponsored by Financial Adventure, LLC ~ visit https://www.financialadventure.com for additional information and free resources.
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