Do I report refunds (goods I purchased and later returned for my business) and miscellaneous bank credits under other business income?

aoeistudio · ‎June 6, 2019

MinhT · ‎June 6, 2019

Goods returned are subtracted from the category those goods were reported in the first place. If those goods were for resale and you enter them as Purchases then the return is subtracted from Purchases. If they were Supplies then returns are subtracted from Supplies.

Miscellaneous bank credits can be reported as Other business income.

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View solution in original post

MinhT · ‎June 6, 2019

Goods returned are subtracted from the category those goods were reported in the first place. If those goods were for resale and you enter them as Purchases then the return is subtracted from Purchases. If they were Supplies then returns are subtracted from Supplies.

Miscellaneous bank credits can be reported as Other business income.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Do I report refunds (goods I purchased and later returned for my business) and miscellaneous bank credits under other business income?