How to reconcile a credit card refund transaction?

Matt_9204081
Matt_9204081 Member Posts: 3
edited July 2017 in Reckon One
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.

Comments

  • Qwerty
    Qwerty Member Posts: 261
    edited July 2017
    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
    Matt_9204081 Member Posts: 3
    edited July 2017
    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
    Qwerty Member Posts: 261
    edited July 2017
    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
    Lynda Chater_9039203 Member Posts: 28
    edited July 2017

    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
    Matt_9204081 Member Posts: 3
    edited July 2017
    Thanks Lynda, that did the trick. Didn't realise I could set a contact as both a supplier and a customer.

    Cheer,
    Matt.
  • Julian1961
    Julian1961 Member Posts: 24 ✭✭

    Thanks for your help, Lynda! 😊