The short answer

Treat a promised refund and a received refund as two different events, connected to the original purchase.

Calculator, coins, glasses, and a red pen on a lined notepad.
Illustrative stock photo · Photo: Tara Winstead / Pexels · Pexels License

Close the loop

Save the return authorization, amount expected, method and vendor’s estimated timing. When the credit posts, match it to the original expense and mark the follow-up complete. Investigate partial credits rather than silently changing the expected amount.

IRS recordkeeping guidance includes transaction documents and payment evidence. [1]

Illustrative example: a returned $120 part produces a $105 credit after a disclosed $15 restocking charge. Preserve all three amounts so your bookkeeper can explain the difference. Do not count the credit twice through both a manual entry and a bank import.

Sources

This article was generated by AI using the sources below. Editorial standards.

  1. What kind of records should I keep? — IRSSupports the attributed passage: IRS recordkeeping guidance includes transaction documents and payment evidence. The practical workflow and labeled examples are the publication’s own applications, not source-reported cases. Source checked Sep 8, 2026.

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