This guide is written with MoneyWiz for Desktop in mind. Need one for Mobile? Click here!
If you were partially or fully refunded for something, you should log it in MoneyWiz to properly display your account balance. In MoneyWiz, we differentiate between two types of such operations:
- refund - full or partial refund for a single, particular transaction (e.g. when you return an item to a store for a refund),
- reimbursement - a full or partial reimbursement for a series of transactions for a particular expense category (e.g. you use your company car and use your own money to fuel it up but every once in a while your company issues you a reimbursement for that cost).
This guide explains how to enter each of those into MoneyWiz and how to convert an existing income transaction to a refund.
In order to create a refund, you need to have an existing expense that the refund is for. If you were refunded for multiple transactions in one go, you need to create a reimbursement instead (see below).
To create a refund, find the expense you were issued a refund for. Once you locate it, you need to select it and select the refund option.
MoneyWiz for Desktop (Mac and Windows) feature two view options: Fancy and Expert. You can switch between them using the button on the left-hand side:
If the left button is selected, you are in Fancy view. In this view, you should click on a transaction row once to expand it and then click Options -> Refund to refund a transaction.
If the right button is selected, you are in Expert view. In this view, you should right-click (or left-click while holding control key on your keyboard if you have right-click disabled) on the transaction row and select Refund.
A transaction window will open:
If you were refunded full amount, leave the amount as it is (it defaults to 100% refund). If you were refunded a partial amount, change the amount to the value you've been issued a refund for.
Converting existing incomes to refunds
In case your refund has already been imported into MoneyWiz (either via Online Banking or manual bank statement import), you can use "Convert to refund" feature in MoneyWiz to properly log it inside the application.
To begin locate your income and then - using the tips above for your view setting (Fancy or Expert):
if using Fancy view: click once on the transaction row to expand it and then click Options -> Convert to Refund,
- if using Expert view: right-click once on the transaction row and select Convert to Refund.
You'll be presented with a window with a list of your expenses - please locate the expense that this is a refund for.
When you create a reimbursement, it's like you are creating a refund for the entire expense category. For this reason, you don't refund one particular transaction - if that's what you need to do, you should create a refund instead (see above).
To create a reimbursement, please start creating an expense transaction. Select the expense category you want to reimburse, the reimbursement date and so on. The major difference between creating a reimbursement (and not a regular expense) is the amount - you need to enter it with a minus sign (a negative expense). So if you were reimbursed for $50, you should enter the amount as -50 USD.
Converting existing incomes to reimbursements
To convert an existing income transaction to a reimbursement, open the transaction for edit and use the tabs on top to convert it to an expense. You'll notice that most of the fields remained the same but you'll need to adjust two of them:
- click on the amount field to add a minus (so $50 becomes -$50),
- set the expense category to reimburse.
Save the modified expense transaction and your reimbursement is created.