QB Issue Resolution:

There are two ways on how to deal with this scenario. Let’s go through with the following steps and get this issue fixed.

First is void or delete the invoice. Thereafter, we’ll need to create a bank deposit and expense transactions. This is to show that you’ve received and spent the money.

Also, the invoice that has been deleted or voided won’t show on your Profit and Loss report.

To create a bank deposit, please follow these steps:

  1. Go to the Plus (+) icon.
  2. Choose Bank Deposit.
  3. In the Add other funds to this deposit table, choose Debtors/Accounts Receivable.
  4. Enter the amount then click Save and Close.

To record an expense:

  1. Go to the Plus (+) icon
  2. Choose Expense.
  3. Under Account Details, select Debtors/Accounts Receivable.
  4. Enter the amount then click Save and Close.

This should cover each other and will show on your Bank account.

The second option is to receive payment on that particular invoice and issue a Refund Receipt. Here’s how:

  1. Go to the Plus (+) icon.
  2. Choose Refund Receipt.
  3. Enter the details that will be refunded.
  4. Click Save and close.

This will show that the invoice was paid which increases the sales and bank account. The refund receipt, on the other hand, will reduce the sales as well as the amount of the bank account.

I’ve attached some screenshots for your reference.

Fill me in if you have any other questions. Have a great day!


Resolution for Issue 'How do I cancel a transaction that been paid for and money refunded via BACS' available: Yes (Solved).
Source: Intuit Community forum.

How do I cancel a transaction that been paid for and money refunded via BACS: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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