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Level 1

Entering a Supplier Refund

So I placed and paid for an order with my supplier and entered the invoice/payment into 1500 - Inventory Assets.  One of the items was out of stock, so they direct deposited $80 back into my bank account. When I enter this deposit, I have tried doing it as a supplier credit and also as a bank deposit, but neither way will let me allocate the money to the asset account.  I just get the error 'Something isn't quite right', and says to choose a different account to allocate it to.  Why is this?? It only make sense to put the refund into the same account as the purchase.

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Best answer 3 weeks ago

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QuickBooks Team

Entering a Supplier Refund

Hello GreenPeaceHempire,

 

It's great to hear from you again. I follow what you're saying about wanting to record the transaction to specific accounts to match what you did the first time with recording the supplier invoice with the Inventory Asset account assigned in the line item section. I can explain how to record a supplier refund so you can take care of this transaction in QuickBooks Online.

 

When you're recording a supplier refund in QuickBooks Online, there are some specific steps to take to do so. It sounds like you may have come across these steps since you're already mentioning trying to record a supplier credit and then a deposit, both of which are included in this process, outlined here: Enter a refund from a supplier

 

I just took a walk through those steps myself and I was able to assign the Inventory Asset account in the line items' Account/Category column as I went. Keep in mind that this isn't a payment account, but rather just a place that the funds are being allocated. I recommend trying to go through the steps again after trying some of the following troubleshooting steps to make sure that it's not a cache, browser or app, or Internet issue causing this error to come up for you.

Give it another shot and let me know how it goes. I'm here to help however I can, so if you're still running into issues, let me know what step you're on in the article when you're seeing the error. Feel free to share screenshots as well if it helps, just be sure to redact any personal information since the Community is a public forum.

 

Have a great rest of your day!

View solution in original post

2 Comments
Highlighted
QuickBooks Team

Entering a Supplier Refund

Hello GreenPeaceHempire,

 

It's great to hear from you again. I follow what you're saying about wanting to record the transaction to specific accounts to match what you did the first time with recording the supplier invoice with the Inventory Asset account assigned in the line item section. I can explain how to record a supplier refund so you can take care of this transaction in QuickBooks Online.

 

When you're recording a supplier refund in QuickBooks Online, there are some specific steps to take to do so. It sounds like you may have come across these steps since you're already mentioning trying to record a supplier credit and then a deposit, both of which are included in this process, outlined here: Enter a refund from a supplier

 

I just took a walk through those steps myself and I was able to assign the Inventory Asset account in the line items' Account/Category column as I went. Keep in mind that this isn't a payment account, but rather just a place that the funds are being allocated. I recommend trying to go through the steps again after trying some of the following troubleshooting steps to make sure that it's not a cache, browser or app, or Internet issue causing this error to come up for you.

Give it another shot and let me know how it goes. I'm here to help however I can, so if you're still running into issues, let me know what step you're on in the article when you're seeing the error. Feel free to share screenshots as well if it helps, just be sure to redact any personal information since the Community is a public forum.

 

Have a great rest of your day!

View solution in original post

Highlighted
Level 1

Entering a Supplier Refund

Thank you, that worked!  :)