When users spend on behalf of the company, the expenses are filed and the amounts are logged directly to a specific expense account while exporting from expense management to QuickBooks Online.
Similarly, when a vendor cancels the sale at some point in the journey or when the employee returns a purchase, a refund will be issued to the employee. This will be reported as a negative expense by the employee and needs to be exported to QuickBooks Online so that the accountant can balance out the refund to a previous spend and nullify the amounts.
It is important to export both the expense (+ve entry) and the refund (-ve entry) as the business card account is credited and it needs to be debited when the amount id refunded. Expense management supports exporting the refunds of corporate cards in the Credit Card Purchase, Journal Entry and Debit Card Expense modules.
How to export refunds to QuickBooks Online
For the refund you're exporting, make sure that you've already filed the expense with the exact amount and vendor details.
To file the refund, enter enter a "-ve" sign the amount and submit it like any other regular expense.
Once the refund expense is submitted and approved, export it to QuickBooks Online.
The expense and refund entries can belong to the same or 2 different reports. It will be exported to QuickBooks Online.
Points to remember while exporting refunds
The expense management - Online integration doesn't report the data if the total report value is negative. For example, if the total report value you are trying to export is -$200, QuickBooks Online will block this data from being created.
Make sure that the total amount in the report is either zero or a positive number. A few expenses in the report can still be negative.
Refund export examples
The following screenshots are examples of how the expenses and refunds on a corporate credit card are exported in different modules.
Credit card purchase
Credit card credit
Debit card expense: Expense and Refund
Journal entry: Expense and Refund
If you have any more questions about exporting refunds to Quickbooks Online, reach out to our support team at support@capitalone-fylehq.com.