How to create a Refund Receipt in Quickbooks? [Guide]

If you are a businessman and sell your products to the customers, you can sometimes face a scenario where your customers are not satisfied with the quality of the products that you have sent them or there can be some other possible reason that they want to return the sold product. As a businessman, you would know that customer satisfaction is your utmost responsibility and if they didn’t like your product, you are required to refund them the amount that they have paid. If you are using Quickbooks to sell the products, there are chances that you are confused about how to create a refund receipt in Quickbooks for your customers. In this article, we are going to talk about how you are going to create a refund receipt in Quickbooks in simple steps. This is a guide on how you can create a refund receipt in no time. 

The Stepwise Process to Create a Refund Receipt in QuickBooks

Start the QuickBooks Refund Receipt

The first step in the process is to start the refund receipt. To open that you will have to download and install the Quickbooks software and then you will see a + sign, click on that. It will then take you to the other menu and in that, you will have to look for the option for the refund receipt and click on the same.

Select Customer

Once you have started the QuickBooks refund receipt, then you will have to choose a customer to whom you want to send the payment.  Now, you will have to go to the refund window and you will be provided with a list of all the customers and then select the customer to whom you are going to make the payments.

Payment Method Selection

The next step in the process is to select the type of payment method with which you are going to make the payment. You will have to go to the customer selection section and then you will see an option to choose a payment method. You will be provided with a list of all the payment methods possible and choose the one you want.

Select the Payment Account

After this, the next step is to choose the account through which you are going to make the payment. You will have to look for the column with the name of the refund. It will provide you with a list of accounts and then choose the one you want. When you will make a refund, the amount will be deducted from this account.

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Select the Product

Now the next step in the process is to select the product for which you want to make the refund to the customer. You will see an option for the Products and then it will provide you with the list of all the products and services choose the one.

Review the Refund Receipt

Now that you have created the refund receipt and added all the required information, the next step is to check the details that you have entered and make sure that are the details are corrected. If it is correct, move to the other step.

Print the Refund Receipt

Now that you are done with the refund receipt, the next step is to print the refund receipt that you have created. You will have to allow QuickBooks to print the refund receipt and opt for the print later.

Save the Form

After you have performed all the above steps mentioned, the next step is to save the settings that you have made. You will see an option at the bottom of the window to save the settings. Click on the same.

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Restore the Refund

Now the last step in the process is to enable the user to keep track of all the refunds. You will have to go to the invoice section and then choose the customer. You will have to select the customer to whom you have made the refund and click on the customer to see the details of the transaction.  In the details, you will see a list of every transaction between you and the user, and the refund transaction is added automatically.

Conclusion:

We believe we have made justice to your questions about how to create the refund receipt in QuickBooks.  We hope that now the concept of the QuickBooks refund receipt will be quite clear to you and we can say that if you follow the process mentioned above stepwise, it will be much easier to create the QuickBooks refund receipt. In case if you are still not able to create a refund receipt in QuickBooks, you can contact our support team for assistance and our technical experts will help you with the issues that you are facing.

Frequently Asked Questions (FAQs)

Q1. How do I issue a refund receipt in QuickBooks online?

Follow the step by step process given below to issue a refund receipt in QuickBooks Online: 

1. a) Press Select + New and then click on the Refund Receipt option. 
2. b) Now click on Consumer and select the consumer to whom you want to issue the refund receipt. 
3. c) Enter all the details in the form that appears on your screen. 
4. d) After this, tap on the Refund option and then enter the amount that you want to refund. 
5. c) For the last step, click on Save and Close.  

Q2. Is a refund an expense or income?

Refund is an expense because here you send the money back to the customer. 

Q3. What category is refund in Quickbooks?

Debtors account (Accounts receivable) is the refund category in QuickBooks.