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CV1994
Level 2

Supplier Payment

 

I have paid the wrong supplier, they are going to refund the money.  On receipt, how do I allocate this, supplier invoice already reconciled 

Solved
Best answer November 02, 2020

Accepted Solutions
Ashleigh1
QuickBooks Team

Supplier Payment

Hello CV1994, 

 

Welcome to the Community page, 

 

In order to sort this out, you just need to do a supplier refund and this will sort your issue out, 

 

Here are the steps on how to do a supplier refund - 

 

refund from your suppliers

 

1.create a supplier credit (+icon>supplier credit)

2.choose the correct date and supplier put in the amount, choose VAT, save

3. then click on the + icon again, and choose bank deposit, to show that the money went into your bank account

4. choose the correct bank account on the top left corner, choose the date when the money actually hit your account

5. for the received from choose the correct supplier, for the account choose creditors, put the amount in, choose NO VAT 

6.on the supplier's page create a cheque

7. tick the deposit against the supplier credit (this shows Quickbooks, that the supplier credit has been used, and money was received from the supplier), untick the bill, and save and close

8. match the deposit against the transaction on your banking screen 

View solution in original post

GeorgiaC
QuickBooks Team

Supplier Payment

Hi CV1994, 

 

The cheque is used in the refund process to link the supplier credit to the bank deposit, to create this please go to the supplier's page (Expenses > Suppliers > Select supplier) and click New transaction > Cheque. 

 

On the screen which appears, you'll either see a panel to the right with the two transactions available to 'add' to the cheque, or the transactions may be showing automatically under the headings 'Outstanding transactions' and 'Credits'; once both are selected, the cheque should total zero as the two balance each other out. From here save & close the cheque and match this in the banking screen. 🙂 

 

Get back to us below if you have any Q's!

View solution in original post

4 REPLIES 4
Ashleigh1
QuickBooks Team

Supplier Payment

Hello CV1994, 

 

Welcome to the Community page, 

 

In order to sort this out, you just need to do a supplier refund and this will sort your issue out, 

 

Here are the steps on how to do a supplier refund - 

 

refund from your suppliers

 

1.create a supplier credit (+icon>supplier credit)

2.choose the correct date and supplier put in the amount, choose VAT, save

3. then click on the + icon again, and choose bank deposit, to show that the money went into your bank account

4. choose the correct bank account on the top left corner, choose the date when the money actually hit your account

5. for the received from choose the correct supplier, for the account choose creditors, put the amount in, choose NO VAT 

6.on the supplier's page create a cheque

7. tick the deposit against the supplier credit (this shows Quickbooks, that the supplier credit has been used, and money was received from the supplier), untick the bill, and save and close

8. match the deposit against the transaction on your banking screen 

View solution in original post

CV1994
Level 2

Supplier Payment

Hi,

 

Completed up to Number 5, please can you explain a bit more about the chq, where to go and what to do

 

Thanks

CV1994
Level 2

Supplier Payment

Hi,

 

Completed up to Number 5, please can you explain a bit more about the chq, where to go and what to do

 

Thanks

GeorgiaC
QuickBooks Team

Supplier Payment

Hi CV1994, 

 

The cheque is used in the refund process to link the supplier credit to the bank deposit, to create this please go to the supplier's page (Expenses > Suppliers > Select supplier) and click New transaction > Cheque. 

 

On the screen which appears, you'll either see a panel to the right with the two transactions available to 'add' to the cheque, or the transactions may be showing automatically under the headings 'Outstanding transactions' and 'Credits'; once both are selected, the cheque should total zero as the two balance each other out. From here save & close the cheque and match this in the banking screen. 🙂 

 

Get back to us below if you have any Q's!

View solution in original post

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