Monthly Report Query on Expense |
|---|
I have a account as Credit Card and i purchasing a item and put an entry saying that i have purchased item for so and so price . Later im cancelling the payment and Amount will be refund to credit card and i can also put an payment entry as so and so amount received.
How could we balance this in out report ?
If i pull the report for current month , it will show as expense for month but actually it was refunded. Do we have any classification for that kind of expense
|
At the moment the only action you can do for these refunds is to delete the expense entry. But I am guessing you want a record of the original expense and then the ability to mark it as a refund so it does not show in your expense reports. This refund functionality does not exist yet.
We'll work on this for expense entries in credit card accounts.
Thanks for the suggestion!
|
Yes , We need a option to mark the expense. Return amount is less after fee deducted that also needs to be capture by providing amount
|
I ll give you an example
I spend like 2100 for doing a repair work in home where me and my frd is sharing the expense
I have a spend in credit card , I got refund of 1050 to my saving account
as you suggest of making changes / delete the entry , Its not a valid move because i actually spent amount of 2100 via credit card but report wont show it
In my saving account , i do have refund amount by it will be addition amount and to track of refund by actually spend i did in credit card
I want an accurate report feature to address this issue
|
We rolled out a small change that will help with this. When you record a payment, you can now pick the type as Refund. This will help to balance out the purchase with the refund.
In the next few days, we'll release changes for a better user experience like the ability to initiate the refund entry from the expense and make necessary changes to reports.
Let us know what you think. Thanks!
|
Thanks Team
I will get back once i used the facility .
|
|
|
Hi,
Sorry for not fully closing out this thread. The development work on this is done. I'll explain our solution with your example.
Scenario 1:
Say you spend $2100 for something on your credit card. Then you get a refund of $1050 into your credit card account (from the repair people or the credit card company). Now in your credit card account, you record an expense of $2100 and a refund of $1050. To see this in a report, you'd go to the Account Summary report, pick the credit card and now you'll see the expense and the refund we talked about. So your net balance here is $2100 - $1050 = $1050.
Scenario 2:
Say you spend $2100 for something on your credit card. Then your friend pays you with a check or cash and that money goes into a different account, say a savings bank account. You'd record this as an expense of $2100 in your credit card account and an income of $1050 in your bank account. The Account Summary report will only show your $2100 expense and not the $1050 because you still have to pay $2100 towards your credit card balance. In this case, you may have gotten the $1050 from your friend for your repair work, but it is not a refund, it is just a payment and so we think it should be kept separate.
Let us know if you have any questions.
|
