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Record a transaction as a refund

Created on  | Last modified on 

Summary

How to record money in or money out transactions as a refund in Sage Sole Trader.

Description

In Sage Sole Trader, you record refunds as separate transactions.

Don't change the original completed transaction to show a refund. Instead, you record the original money in or money out transaction as normal. Record a new money in or money out transaction for the refund.

EXAMPLE:

If a customer pays you, record this as money in. If you later refund the customer, record the refund as a new money out transaction.

This helps you keep a clear record of both the original transaction and the refund for Making Tax Digital (MTD) for Income Tax.

Resolution

  1. Go to Transactions, then Drafts.
  2. Find the transaction you want to mark as a refund.
  3. Select Actions, then Record as refund. 
  4. From the pop-up box, select Record refund, then Next. 
  5. Choose a Category for your transaction the select Save.

After you save your transaction, it will move to Completed transactions. You can still edit your completed transactions.