Hi Luke-K,
I can certainly help you here.
There are a couple of transactions and steps you would need to complete to record this refund and the corrected payment leaving your account.
The first steps of recording the initial expense for the incorrect amount and also the expense for the correct amount are the same as any other, simpply record them as expenses to the correct expense accounts for the amounts posted.
The main work centers around the refund itself. This can be done in three steps.
Step 1: Enter the supplier credits to correctly account for the expense being refunded
- Select the Plus Icon (+) at the top then Supplier Credit.
- In the Choose a supplier field, select the appropriate supplier name.
- Enter the Date, Amount, and Account (the account used here is typically the original expense account on the original bill.)
- Select Save and Close.
Step 2: Add the Deposit to receive the funds to your bank
- Select the Plus Icon (+) at the top then Bank Deposit.
- In the Add other funds to this deposit section, fill in the following fields: Received from: Select or enter the supplier name. Account: Select the Accounts Payable account. Amount: Enter the cheque amount.
- Select Save and close.
Step 3: Link the deposit to the supplier credit
- Select the Plus Icon (+) at the top then Cheque.
- In the Choose a payee drop-down, select the supplier name.
- Leave the Cheque #, Date, Amount and Memo fields blank.
- From the Add to Cheque section, select Add for the outstanding supplier credit and deposit.
- Select Save and close.
Once you have recorded these transactions, you will then be able to match the deposit created with the deposit you see appearing in your For Review screen of Banking.
Let me know if you have any further queries.
