Using quickbooks as register and reporting tool only
My small non-profit association does not use quickbooks to process any transactions or payroll (they have no employees). We really only use it for record keeping and reporting. My bank accounts are hooked to quickbooks for (theoretical) ease of entering and matching transactions. We accept credit card payments for dues and conference registrations. If someone cancels a registration within the allowable time period, we issue them a refund. Any purchases and refunds are issued through authorize.net. My problem is that if we refund more than we take-in in one day (say we accept a payment from a member for $200 but I have to refund another member $175 in the same day) then the bank only “sees” $25 being deposited. Subsequently, the bank download only shows $25. I need to account for both transactions (the $200 income and the $175 refund) in quickbooks so it accurately reflects in the proper account. What is the best way to do this when we don’t use quickbooks to actually issue refunds?
Since you do have your bank accounts connected to your QuickBooks, I’m a bit confused as to why both transactions do not go through the bank account. I’m assuming that you deposit the check received for $200 to your bank account. I’m also assuming that you write a check for the refund of $175. If that is the case, then not sure why only the net of the two is recorded in QuickBooks.
What am I missing?
Crystalynn Shelton, CPA
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