There are times where you may need to reimburse your clients. For example, if you sell a product, but your client returns the product, you have to reimburse your client for their purchase. To keep your records as accurate as possible, Hurdlr allows you to track your ‘income refunds’ as needed. This ensures that your income total reflects your income net of any refunds that you issued to your clients.
Once tagged as an income refund, the transaction will be displayed in your Income Dashboard as a negative amount. Income refunds will also be subtracted from the Income total at the top of the Income Dashboard.
Income refunds will either pull in from your linked bank account/credit card or you can enter them manually if you haven’t linked the account they’re associated with.
To Convert an Expense to an Income Refund
Since money you return to your clients is a negative amount, it will pull into Hurdlr as an expense. When this happens, you can convert the expense to an income refund. This will convert the transaction to the Income Dashboard where it will show as a negative amount.
To do this:
On the Mobile App
On the Mobile App
Navigate to the Expenses Dashboard
Tap on the expense you want to convert to an income refund
Toggle on the ‘Refund’ button
Tap the ‘Save’ button
On the Web App
On the Web App
Navigate to the Expenses Dashboard
Click on the expense you want to convert to an income refund
Select the ‘This is an income refund checkbox’
Click ‘Save’ and a pop-up will explain that this transaction can now be found in the Income Dashboard
To Revert an Income Refund to an Expense
If you accidentally convert an expense to an income refund, you can revert it back at any time. To do so:
1. Click on the specific transaction to expand the details
2. Select the ‘This is an expense’ checkbox
3. A pop-up will let you know that you can now find this transaction in the Expenses Dashboard
To Manually Create an Income Refund
If you haven’t linked the account the income refund is associated with, you can manually create an income refund via the web app. Note that this option is not available in the mobile app.
On the web app, navigate to the Income Dashboard
Click ‘+ Add Income’
Enter in the necessary income refund details (Source, Amount, Status, Business, Bank Account, etc.)
Select the ‘This is an income refund’ checkbox
Click ‘Save’
This transaction will now be listed in your Income Dashboard as with an orange ‘Refund’ label
If you create a new expense, you can still convert it to an income refund. This is not possible from the new expense form (i.e. it has to be an already existing expense)
Understanding Income Refunds in Your Reports
Once you have tracked income refunds, this data will be available in your reports. Any income refunds that you’ve tracked will be listed as negative amounts since they lower your income total.