Exporting Credit Card Expenses from Fyle as Credit Card Transactions on QuickBooks Online is one of the popular methods of export among Fyle admins. When employees spend on behalf of the company, the expenses are filed and the amounts are logged directly to a specific expense account while exporting from Fyle 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 would be issued to the employee. This would 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 hence nullify the amounts.
It is important to export both the expense (+ve entry), and the refund (-ve entry) as the credit card account is credited while a purchase is made - and it needs to be debited when the amount is refunded. Fyle supports exporting the refunds of Corporate Credit 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 about to export, make sure that you've already filed the expense with the exact amount and vendor details.
To file the refund, enter a -ve sign before the amount and submit it like any other regular expense.
Once the refund expense is submitted and approved, you (the admin) can export it to QuickBooks Online.
The expense and refund entries can belong to the same or two different reports. It will get exported to QuickBooks Online either ways.
Points to remember while exporting refunds
The Fyle-QuickBooks Online Integration does not export 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
Following are the examples of how the expenses and refunds of a corporate credit card are exported in different modules.
Credit Card Purchase
Credit Card Credit
Debit Card Expense - Expense & Refund
Journal Entry - Expense & Refund
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