Refunds in QuickBooks will appear as a line item in the invoice as “Refund Substitute”. When selecting the invoice for the day, clients may notice that the total of the invoice in QuickBooks are different than in Revel’s Sale Summary.
This is because refunds are handled a little differently in QuickBooks. The refund amount in Revel will report as a “Refund Substitute” line item, which adds to the total of the invoice in QuickBooks. So the difference between Revel’s report and QuickBook’s report will be exactly the return amount.
Clients need a Refund Receipt to balance out the refunds on QuickBooks.
Revel’s Sales Summary
Taxable Sales: $100
Item Discounts: $20
Net to Account For/Total Payments: $100(taxable sales) +10(tax) – 20(item discount) = $90
*Returns are not included into total payments as the taxable sales and tax has the return already reflected on it
Taxable Sales Line Item: $100
Item Discounts Line Item: -$20
Refund Substitute Line Item: $10
Subtotal: $90 ($100 – $20 + $10)
To balance the QuickBooks invoice, a Refund Receipt needs to be created for the same amount of the refund. In this example, $10 refund receipt will be created. This will subtract the $10 from the balance thus making it match Revel’s reporting of $90