QuickBooks Online is a fairly straightforward software to use. There are scenarios (in any software) that can be tricky to handle.
One of those is when you need to record a negative bank deposit. This can happen when your third party vendor batches together both sales and refunds - and the refunds are greater than the sales. So they take money out of your bank account, rather than make a deposit.
You could just record this amount as an expense against income, but that would not work if you record individual transactions and track inventory - or if you have other transactions sitting in your bank deposit window.
Watch the quick 4-minute video below to see how to record a negative deposit using a journal entry to offset the undeposited funds.
Don't Dread Bookkeeping - take a fresh look!
December 7, 2016
Managing you’re A/R is the number one way to improve your cash flow