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Best way to deal with an exchange (not refund)

Say you bought an item for £10 on credit card on 1 June. On 5 June you return the item but instead having the money back you buy groceries for £50. Because you returned the item for £10 you only pay £40. Thus the credit card shows a transaction of £40. How would you enter this transaction? I hope this makes sence.

Hi Mike,

The question here is - do you want to see this £10 returned to your account (i.e. do you want this £10 to be reflected in MoneyWiz as returned money) ? Because if not, you can simply edit the same transaction and convert this to groceries transaction with amount £40 - that's it. If you want this £10 to be reflected in MoneyWiz as returned money, you should register a refund first and then register a new expense transaction for £50. Or also you can another £50 expense and refund £10 out of it..

But I would still suggest using a refund...


Thanks, the problem with refund is that when reconciling the accounts the transaction do not match up. Bu thats how I have bee doing it  

In this case, I think it would be useful to know, how such situation is reflected in the bank statement of your credit card?


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