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Level 2

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

 
7 REPLIES 7
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QuickBooks Team

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

Hello there, @GCbookkeeper.

 

You can enter a supplier refund cheque on the Deposit screen. Then, you can link the deposit to the supplier credit. Let me guide you how.

 

In the meantime, you can match the expense to the refund in the bank feed and successfully reconcile it later.

 

Here's how to enter a supplier refund cheque: 

  1. Go to the + New button.
  2. Select Bank Deposit.
  3. In the Add New Deposit section.
  4. Under the Receive From column, choose the supplier you overpaid.
  5. Under the Account column, choose Creditors as the affected account.
  6. Enter the refund amount.
  7. Click Save and close.

Here's how to link the deposit to the supplier credit:  

  1. Go to the + New button.
  2. Select Expense or Cheque.
  3. Choose the supplier name in the Choose a payee drop-down. 
  4. Leave the Reference/Cheque #, Date, Amount and Memo fields blank.
  5. Click Add for the outstanding supplier credit and deposit from the Add to Expense or Add to Cheque section. 
  6. Click Save and close.

For more insights about handling supplier credits and refunds, here's a great article you can refer to Match Supplier Refund to Supplier Credit

 

After that, you can go ahead and match the transactions

 

Feel free to post here in the Community again if you have questions. We're here to help.

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Level 2

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

Hi, 

This doesn't work for our situation - I've already found that solution online and tried it, hence why I asked the question. You can't enter a deposit to a credit card account.

 

We received an expense from the supplier and paid it.

 

We then received a credit note from the supplier and entered into qbks - showing the suppliers account to be in credit now.

 

We then received a refund to our credit card to match the credit note.

 

We need to match the credit card refund against the credit note to show a nil balance on the suppliers account.

 

Is this possible? 

 

Years ago in Qbks you would have simply been able to match the credit note against the refund payment but it doesn't seem to be as straightforward with this new qbks online system.

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QuickBooks Team

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

You can create a credit card credit for the refund payment, GCbookkeeper.

 

Here's how to create a credit card credit:

  1. Click the New or Plus sign (+) icon.
  2. Select Credit card credit
  3. Fill in the necessary fields.
  4. Enter the amount, then click Save and close

Although, you're unable to link this to the credit note. The same as you're unable to link it with an expense/deposit.

 

You may want to confer with your accountant on the best way to handle this. 

 

We're just around if you have an additional question. 

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Level 2

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

Although, you're unable to link this to the credit note. The same as you're unable to link it with an expense/deposit.

 

So you're able to link a purchase invoice with a payment, 

but you can't link a purchase credit note with a refund?

 

This can't be true - they are basically the same transactions but in reverse!

 

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Moderator

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

Thanks for dropping by again, @GCbookkeeper,

 

Matching a credit card refund to a credit note is currently not an option at the moment. Having this time-saving option available in QuickBooks is a great idea. I'll be sending this feedback to our developers for review and evaluation.

 

Check out the following article for reference: How do I handle supplier credits and refunds?

 

Visit our QuickBooks Resource page to learn various tasks in QBO. Here's the link for you reference: Getting Started with QuickBooks Online UK.

 

The Community is always here for you. If there's anything else I can help with QuickBooks, please let me know in the comment below. I'm always here to help. Have a good one!

 

 

 

 

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Level 2

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

@Jen_D - the example you included showed a transaction on the accounts receivable side - my issue is with a transaction on the accounts payable side.

 

How does this help me specifically with my question?! 

 

 

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QuickBooks Team

Credit note from supplier entered. Same supplier refunded credit card. How do I match Supplier Credit against Credit Card Credit?

Hello there, GCbookkeeper, 

 

I already partnered with my colleague Jen_D to update the article included in her post above. Rest assured that I also submit this to our product engineers on how you'd want to have the option of matching the supplier credit note against the credit card credit. 

 

For now, I'd suggest visiting this website: QBO UK Blog. This link provides you with articles to help your small business prosper.

 

Please know that you're welcome to post any concerns in the Community. We're here to help, GCbookkeeper.