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cameronputt's avatar
cameronputt
Member
3 months ago
Solved

Refund On Expense, Not Income

I'm having trouble understanding how to properly process a refund on a business expense. For example: I make a purchase of $1000 and categorise it accordingly. If I then receive a refund of $500 o...
solo
solo expenses
  • Sigrid-Solo's avatar
    Sigrid-Solo
    3 months ago

    G'day cameronputt​ !

     

    Refunding expenses is easy peasy!

    1. Go to Money out.
    2. Scroll down and tap View all expenses.
    3. Find and open the paid expense.
    4. Tap More (…) and Record refund.
    5. Choose where the refund was paid to in the Payment category.
    6. Choose if the refund was for the full amount. If it was a partial refund, you can change the refund amount, and if there were line items, you can change the refund amount by category.

    Let me know how you go with that, or if anything is a bit fuzzy and I'll come running! 🏃‍♀️

Sigrid-Solo's avatar
Sigrid-Solo
MYOB Staff
3 months ago

G'day cameronputt​ !

 

Refunding expenses is easy peasy!

  1. Go to Money out.
  2. Scroll down and tap View all expenses.
  3. Find and open the paid expense.
  4. Tap More (…) and Record refund.
  5. Choose where the refund was paid to in the Payment category.
  6. Choose if the refund was for the full amount. If it was a partial refund, you can change the refund amount, and if there were line items, you can change the refund amount by category.

Let me know how you go with that, or if anything is a bit fuzzy and I'll come running! 🏃‍♀️

  • cameronputt's avatar
    cameronputt
    Member
    3 months ago

    Thanks for this!

    I also use Solo Money. How do I go about categorising the refund — that's been put into my Solo Money account — in the Action Hub when I am reviewing, matching, and categorising my transactions?

    From what I can see, the only thing I can do is record the refund as income? Is this right?

    • Sigrid-Solo's avatar
      Sigrid-Solo
      MYOB Staff
      3 months ago

      Once you have noted the refund on the expense, you should be able to match the transaction to that expense record, this will make it clear it's a refund of an expense and not income 😄

       

      So using your example above:

      1. You created a paid expense for $1000
      2. Then you received a $500 refund
      3. Open the applicable expense, tap More, and record $500 refund towards that expense
      4. Hop to your action hub or Solo Money transaction list
      5. Find the refund transaction and open it
      6. Solo should suggest the expense refund record under "Smart match", but if it doesn't you can tap Manual and search for it there.

       

      That should do the trick, but if something doesn't seem right let me know!

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