Taking Care of Refunds

Refunds are mainly due to overpayment for services and goods or returning of products and services due to some basic reason, such as bad debt, cancellations, etc. QuickBooks helps you most in dealing with such situations by printing checks, refunded check and apply the refund amount as a credit to the customer who owed a refund and also take it off the balance of an existing invoice. It provides you immediate confirmation for refunds and keeps your information secure.

Steps To Manage Refunds

• • First, from the menu, select ‘refund receipt’ (to open a new refund receipt).
  • From ‘refund receipt’, use the drop-down list menu and select ‘customer’.
  • Then you need to choose the preferred payment method in order to specify the way you pay customer’s refunds.
  • Then signify the account from refund came. A select account that you want refund payment methods to draw fund form.
  • Now check the ‘Amount” column so that you check the refunded amount that issued to the customer and then enter the check number.
  • After refunding the receipt, choose the print check option.
  • After completing, click save and close.

Advantages Of Maintaining Refunds

• • REFUNDS or REBATES help to sort out the problem of excess inventory and provides tax-free reimbursement to consumers.
  • Enhances visibility in the business and smoothes the business and attracts retailers’ interests.
  • It promotes companies’ investments with retailers and loyalty among consumers tends to result in increased transparency and loyalty.
  • Avoids errors save time and money.