Maintaining an accurate and detailed log of all financial adjustments is crucial for clear payment history visibility. This guide explains how to properly record refunds and discounts in your LitBuy balance spreadsheet.
The Importance of a Full Transaction Log
A complete record is more than just a running total. It provides an audit trail, helps resolve disputes, and offers insights into spending patterns and vendor reliability. Every adjustment, whether a refund or discount, must be logged with clear details.
Step-by-Step: Recording a Refund
Refunds return funds to your balance. Record them as positive
Example: A $30 refund increases your balance by $30. Log it as +30.00.
Column
Data to Enter
Date
Date the refund was processed or received.
Description
e.g., "Refund: Return of [Item Name], Order #12345". Be specific.
Transaction Type
Select or enter "Refund" or "Credit".
Adjustment Amount (+)
Enter the refunded amount as a positive number (e.g., 49.99).
Running Balance
Formula: Previous Balance + Adjustment Amount.
Step-by-Step: Recording a Discount or Promo
Discounts reduce the cost of a purchase. They should be recorded at the time of the original transaction.
| Column | Data to Enter |
|---|---|
| Date | Date of the discounted purchase. |
| Description | e.g., "Purchase: [Item Name] - 20% Summer Sale Discount Applied". |
| Transaction Type | Select or enter "Purchase" or "Payment". |
| Adjustment Amount (-) | Enter the final net charge |
| Running Balance | Formula: Previous Balance + Adjustment Amount |
Best Practice: In a separate "Notes" column, log the original price and discount value (e.g., "List: $100, Less: $20 promo CODE123").
Pro Tips for Clarity
- Use Consistent Formats:
- Add Reference Numbers:
- Never Delete Rows:
- Regular Reconciliation:
- Add Reference Numbers: