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Level 1

How to record vendor refunds but not as credits.

I have received a refundin the form of a cheque from a vendor who will no longer be a supplier.  Therefore,I do not want the credit to be applied against future bills since there will not be any.

How do I record receipt of the credit as a refund and depositied to the bank?

Thanks for your assistance.

Martin

Solved
Best answer March 11, 2019

Best Answers
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Level 15

How to record vendor refunds but not as credits.

deposit the check and use other income as the source account

if there is a current vendor credit in QB, deposit the check and use accounts payable as the source, on the same line in the customer name column select the vendor name, then use pay bills, select the "bill" the deposit created and click apply credits and pay the zero bill

View solution in original post

3 Comments
Highlighted
Level 15

How to record vendor refunds but not as credits.

deposit the check and use other income as the source account

if there is a current vendor credit in QB, deposit the check and use accounts payable as the source, on the same line in the customer name column select the vendor name, then use pay bills, select the "bill" the deposit created and click apply credits and pay the zero bill

View solution in original post

Highlighted
Level 1

How to record vendor refunds but not as credits.

I have followed these steps and it clears everything out but my Vendor Account.  It still shows the credit that was generated.  Can anyone help me with this?
Highlighted
Level 1

How to record vendor refunds but not as credits.

I, too, have followed all the steps and cleared out the account but at the bottom of the ledger, it shows a credit, sometimes a double credit - how do I clear that out, or does it even make any difference??