How to reconcile a credit card refund transaction?

Matt_9204081

I've searched the forum and not found an answer to this seemingly very simple query. I made a payment on my credit card that was subsequently refunded. How do I reconcile this refund to offset the original transaction?

The original debit transaction has been reconciled as an expense. 
If I select 'Allocate receipt' on the refund credit transaction, the dropdown box requires a customer to be entered, but I can't select the same supplier I used for the debit expense? Do I enter a new customer even though it's not actually a customer payment?

Also, what account do I reconcile this transaction as? 'expense' to offset the original debit transaction?

Or is there a better way to do this?

Thanks for your help.

Qwerty

24/07/17

Hi Matt,

Have you tried entering the same payment again but this time using a negative amount?

https://community.reckon.com/reckon/topics/how-do-i-record-a-supplier-refund-please

Matt_9204081

Hi Qwerty,

Yes I read that, but the credit transaction is showing up in the statement that I uploaded the Reckon. 

If I enter an offsetting transaction using a negative amount, what do I do with the original refund transaction? Don't I need to reconcile it?

Qwerty

Does you credit card statement have 2 transactions? 1 being the payment & the other being a refund?

If yes then you'd do the same in Reckon One, enter the payment & then enter the refund (as the negative).

Lynda Chater_9039203

Hi Matt

Go to the supplier you have named (obviously the credit card) and make this both a supplier and customer.

Now go to the refunded amount and record this receipt to the credit card supplier/customer and allocate to the same amount to expense account as you allocated the original expense too.

This should definitely work.

Thanks

Lynda

Matt_9204081

Thanks Lynda, that did the trick. Didn't realise I could set a contact as both a supplier and a customer.

Cheer,
Matt.

Julian1961

Thanks for your help, Lynda! 😊