QuickBooks Refund From Vendor

QuickBooks Refund From Vendor

So you have received a refund from a vendor and you don’t know how to record it. It happens to the best of us. Some scenarios cannot be dealt with without proper technical help. Follow the solutions provided below by the AskforAccounting help-team to successfully record QuickBooks Refund from Vendor.

Problem No. 1:

The Vendor has sent you a refund check for a bill that has been already paid.

Solution:

You need to follow the three steps given below to troubleshoot the problem collectively.

  1. Recording a deposit of the check by the vendor:
    1. Go to the Banking Menu and click Make Deposit
    2. In case a window named Payments To Deposit appears on the screen, hit Ok
    3. Now, go to Make Deposits window and select the Received From drop-down and select the customer from whom you’ve received the refund.
    4. Now go to From Account drop-down and choose the appropriate Accounts Payable
    5. Go to the Amount column and type in the actual amount given in the vendor check.
    6. This step is optional. You can enter a memo, check number, payment method and class.
    7. Hit Save & Close.
  2. Recording a Bill Credit for the amount that has been refunded:
    1. Go to the Vendors menu and choose Enter Bills.
    2. To be able to account for the return of goods, click the Credit radio button.
    3. Type in the Vendor Name.
    4. Go to the Expenses tab and click it to fill in the Accounts on the actual bill.
    5. Go to Amount column, and fill in the valid amount for every account. (You may have to prorate the amount.)
    6. Hit Save & Close.
  3. Linking the Deposit to the Bill Credit:
    1. Go to the Vendors menu and choose Pay Bills.
    2. Verify the Deposit that should match the Vendor Check Amount.
    3. Choose Set Credits and apply the Bill Credit that you had created in the second step and click
    4. Finally, go to Pay Selected Bills, click it and press

Problem No. 2:

For returned inventory items you have received a refund check from a vendor.

Solution:

You need to follow the three steps given below to troubleshoot the problem collectively.

  1. Recording a deposit of the check by the vendor:
  2. Go to the Banking Menu and click Make Deposit
  3. In case a window named Payments To Deposit appears on the screen, hit Ok
  4. Now, go to Make Deposits window and select the Received From drop-down and select the customer from whom you’ve received the refund.
  5. Now go to From Account drop-down and choose the appropriate Accounts Payable
  6. Go to the Amount column and type in the actual amount given in the vendor check.
  7. Whatever information has remained, enter it in
  8. Hit Save & Close.
  9. Recording a Bill Credit for the item that has been refunded:
    1. Go to the Vendors menu and choose Enter Bills.
    2. To be able to account for the return of goods, click the Credit radio button.
    3. Type in the Vendor Name.
    4. Go to the Items Tab and click it.
    5. Fill in the information of the returned item with the exact amounts given in the refunded checks.
    6. Hit Save & Close.
  10. Linking the Deposit to the Bill Credit:
    1. Go to the Vendors menu and choose Pay Bills.
    2. Verify the Deposit that should match the Vendor Check Amount.
    3. Choose Set Credits and apply the Bill Credit that you had created in the second step and click
    4. Finally, go to Pay Selected Bills, click it and press

These two solutions provided above for two different scenarios should resolve the concerning issues immediately. However, you can get in touch with our QuickBooks Technical Support Team to help you out with any QuickBooks related query or issue.

You can give us a call at the toll-free number ✆+1-855-481-5338

See Also How to Merge Duplicate Vendors with QuickBooks 2018

See Also How to Record a Vendor Credit in QuickBooks

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