Normally, small cc returns and refunds don’t matter much to me. But I had a very large categorized expense that was refunded and I would like any reports to ignore that item’s charge and the item’s refund, as it really is a non-event.
I was charged for simplicity $1,000 for a photo class on 3/24/2020 on my principal card. This was categorized as a major Hobby expense, lol. I was refunded $1,000 (the instructor comped the class) on 3/28/2020.
My Transaction Log shows a net payment to my principal card for that month paid on 4/15 of $1,450 (Presumably $2,450 total purchases including the photo class, minus the $1,000 refund leaving the $1,450 balance).
How do I record that $1,000 refund so reports don’t show the expense?
auto downloaded in Transactions sheet:
3/24/2020 Hobbies Photography -$1,000 (notes: Fall Colors photo class)
4/15/2020 CC Payment -$1,450
Do I just manually add?
3/28/2020 Hobbies Photography $1,000 (notes: refund by Instructor)
I THINK this reflects there would have been $2,450 of charges, but with the refund, my payment transfer from checking was only the net.
Is this how to do this? If I don’t do this, won’t my reports show I spent a $1,000 for my Hobbies that I never spent?