Amount paid to us in error, how to record payment received and refund made

Question

&nbsp;HiWe received an amount in our bank account that was EFT'd&nbsp; to us in error.&nbsp;I've contacted the company and have refunded the amount back to their bank account.&nbsp; &nbsp;Both transactions are showing in my bank feed&nbsp;Can somebody assist please.&nbsp;1.&nbsp; How do I record the payment we received in error&nbsp;2.&nbsp; How to I record the refund that I returned to that person&nbsp;&nbsp;Thanks in advance for your assistance. I have no idea how to record these 2 entries&nbsp;&nbsp;&nbsp;&nbsp;

gavin12345 · Answer

Hi&nbsp;kazda&nbsp;&nbsp;Just a thought - and while this may not be PC, don't record either as transactions, simply hide the 2 bank feed entries, which should offset each other.&nbsp;RegardsGavin

kazda · Answer

Hi gavin12345&nbsp;I'd prefer to record both transactions so we have a record of the payment and the return, however if no other solutions are offered I'll hide both transactions.&nbsp; thanks for your idea.&nbsp;Cheers&nbsp;&nbsp;&nbsp;

tracey_h · Answer

Hi&nbsp;kazda&nbsp;
&nbsp;
I'd record a Spend money transaction and a Receive money transaction, allocate both to the suspense account. You've then got an audit trail of the transactions without it affecting your account balances.
&nbsp;
Please let me know if you need further help.
&nbsp;
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Amount paid to us in error, how to record payment received and refund made

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