I have my bank accounts linked with QBO. Our insurance (vendor) refunded a an EFT payment that has already been recorded. Meaning I already entered that expense and matched that transaction to the debit from my bank account. How do I now record the refund (eft) and how do I match that transaction? Do I create a vendor credit and then match the refund to that? Thanks!
Thanks for posting in the Community!
Yes, we can create a supplier credit to record the refund received and match it to the bank deposit. Let me show you how to do this in QuickBooks Online.
First thing to do is to create a supplier credit.
Once done, you can enter the supplier refund using the Bank deposit. Here's how:
Lastly, link the deposit to the supplier credit by following these steps.
Once done, you can match the recorded transaction to your downloaded bank feed. For more detailed information, you can check on this article: Categorise and match online bank transactions in QuickBooks Online.
Let me know if you need any help with recording a supplier/vendor refund. I'll always right here to help.
Thank you for responding.
It won’t let me add the. vendor to the “received from” It says it needs to be a customer. It was also returned to a debit card that is a sub-account of my bank account. I’d like all the steps from credit, deposit, matched transaction please and thank you.
Thanks for your response, leamber22.
When creating a bank deposit, you can select either a customer or supplier on the Received from drop-down menu. In your case, since this is a refund from a supplier, you'll need to select a supplier name on the list.
Let's try to do some browser troubleshooting to get rid of the error you're getting by logging into an incognito window. If you're using Google Chrome, press Ctrl+Shift+N and then login to your QuickBooks Online account. Once login try to create a bank deposit and select the vendor/supplier name.
For more detailed information, you can check on this article: Enter a refund from a supplier. Bank transaction will show as Records found on the Banking page if the details on it matches with the bank deposit manually entered in QuickBooks Online. If the match found is correct, simply click on Confirm.
As always, feel free to drop a comment below if you need further assistance. Thanks.
What I did was just create a Vendor Credit for the amount returned and QBO matched it for me. Thank you for helping. I appreciate it and I’ll keep these notes.
I do have another question that I will post.