If you get a refund from someone how do you categorize the account? For example I got a money back for paying too much for my Property Taxes. Another example was me paying too much for my insurance and getting a refund.
It only gives me the option to list it as "From Account" as an income or expense... but these aren't really income, they're refunds.
These wouldn't be income right?
Hi
If you receive check for refund enter the item through Use Register under Banking, enter the amount, choose Taxes-Property and save it. In effect your Taxes-Property account is credited and so balance will come down. Same thing will hold good in case of Insurance refund. Thus you are reducing the expenditure which is the actual case.
This will help in correct preparation of Incme & Exp and Balance Sheet. Also year-to year comparisons will be meaningful.
If solved please mark accordingly otherwise additional posts welcome
