Thanks for getting back to us, @Mal47.

Allow me to help share additional information about your concern in QuickBooks.

We can review the refund transaction in your Paypal feed, it's a separate transaction that is posted in Spent as an amount.

Also, make sure the refund you created in QuickBooks is posted to the correct bank account (PayPal). However, if it's included in a lump sum deposit, this may be the reason the refund receipt is not showing up in the bank feeds.

If the bank feed shows a Deposit amount, this can only find money in transaction. While a refund is a money out, then it will only show up to a Spent transaction in your Bank Feed.

I've added this article as your guide on adding or finding a match of your downloaded banking transactions.

Once done, you can visit this website:  Reconcile Workflow. It provides you more details about starting, fixing any differences, and completing the reconciliation process in the future. 

Get back to me if you need help with anything else. I'd be sure to jump in as soon as possible. Have a good one.