Quickbooks 2008: Credits not showing in reconcile screen?

Hi Folks,

When I try to reconcile my bank account in Quickbooks (2008 Pro version) all my payments and deposist show in the left and right windows respectively. However I don't see any credits that came to my bank account, which is weird.

Here is a typical scenario: Say I buy something from best buy and pay $100.00 for it. I then see it for $95.00 at circuit city and show that price to Best Buy. Best Buy under their price matching guarantee charges back (credits) the checkcard I used for the transaction by $5.00 and I see the credit in my bank account the next day. So I go to the "Enter Bills" section in Quicbooks, and enter a $5.00 credit from Best Buy. Great until this point but the $5.00 never appears anywhere in the reconcile window and now I have discrepancies.

Any ideas?

Thanks & happy 2008s.

Danny

You are setting up the credit to the wrong account.

Instead of doing a credit (which QB assumes is against the vendor - Best buy/Circuit City) what you need to do is a "deposit" with the original expense account as the account in the deposit window. Confusing I know but it is the easiest I have found.

I am guessing but here are the steps to record your original purchase (drop me a line if I am wrong)

You open Check (even when using a debit card, right?)
Vendor Name: Best Buy
Amount: $100
Expense Account: $100 to Office Supplies (or whatever you expensed it to)

Am I right so far?

Then when you receive the credit DO NOT ENTER A CREDIT to the Best Buy VENDOR account as this affects Accounts Payable and NOT checking.

Open the Make Deposit Screen
Make sure the bank account the credit goes to is listed at the top right
In the blank spaces in the Make Deposit Screen you will put Vendor: Best Buy
Account: Office Expense (or whatever account you expensed the original to)
Type: Set up a new one, call it Refund/DC (refund debit card)
Amount: $5

This way it will always show up in your checking for reconciliation (it will be on the right with your voided checks and deposits) AND your expense will be recorded correctly as $95 ($100 original - $5 refund)

Hope that helps and feel free to drop me an email if you need help.

-using QB for over 10 years