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Step 6: Handle Returns
You can skip this section if, when you process a return, your cash register or point-of-sale system:
Subtracts the amount of the returned item(s) and any related tax, and
Subtracts the amount from the total for the payment method.
If your cash register does not operate this way, here's an example of a method you can use to help track for customer returns and refunds.
You may have a customer return an item that was paid for in cash. The item costs $10.50 ($10 for the item and $.50 for sales tax). You refund $10.50 in cash to the customer. To account for this, you need to subtract the appropriate amounts from three places on that day's sales summary invoice:
Subtract $10 from the taxable sales total.
Subtract $.50 from the sales tax total.
Subtract $10.50 from today's cash payments total.
If the return was associated with a credit card, follow this example, but be sure to subtract the amount of the return from that credit card's payment item total on the invoice.
Next: Learn more about all the different solutions QuickBooks offers for retailers.
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