Refunds Journal Entries

[Stellarosie]

When we first started using Square, my boss wanted a department for Memorial Headstones. With subcategories broke down. Now, we have decided not to use that part of our business through Square, only our retail store. I have tried backing out all the sales through refunds, but I’m making things worse I think. No matter how much I back out, my YTD totals isn’t moving. Is it possible to do a Journal Entry to reverse the sales? 
Thanks so much!

Brenda

[Candlestore · Accepted solution]

@Stellarosie ;

I am trying to figure out what you are attempting to do.  Square is not an accounting software so it does not have Journal Entries.  Square tracks Sales and Refunds and which items are sold.  So your income from Sales are calculated and inventory is reduced when a sale is made.  

Yea if you make refunds, you would reduce your Income and increase your Inventory.

Since Square is showing Completed Transacations you can not change that.  Once a Transaction shows as Completed that is the way it stays.

What is the end goal you are trying to do with categories or subcategories?   All items that were sold with in a Category or Sub category will always be that, if you change category or Sub Categories all sales in the future would be changed  according to your new category headings.   

Depending on which Sales you are editing Refunding those sales could be from 2024, so your 2025 YTD sales number will not change.  Why are you trying to change what you actually earned?  The Categories have nothing to do with what you earn.

[Summer2024]

Hi @Stellarosie ! 

I'm following along here with @Candlestore . Like they said, Square is not an accounting software so journal entries are not possible. 

I will be on the lookout for your response to their questions and see if I can provide any assistance with this.