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Best answer November 28, 2020
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I've got just the steps you'll need in recording the refund, @hotlocks.
When you receive a refund from a vendor, you must first record a supplier credit for the expense that the refunded payment was applied. Then, you'll have to deposit the money received. After that, apply or link the deposit to the credit memo with a "zero GBP" payment. I'll show you how to do it.
Let's start recording the refund by entering the vendor credit.
- Click on the +New button.
- Select Supplier/Vendor Credit.
- Select the vendor's name from the Vendor drop-down list.
- Depending on how you record purchases with this vendor, enter the Category details or Item details. Usually, this is the category, product, or service you’re getting credit for.
- Enter the amount.
- Select Save and close.
Then, let's deposit the money received.
- Click +New.
- Select Bank deposit.
- Choose the bank account.
- In the Add funds to this deposit section, fill in the following fields:
- Received from: Select or enter the vendor name
- Account: Select the Accounts Payable account.
- Amount: Enter the cheque amount.
- Select Save and close.
Lastly, let's link the deposit to the vendor's credit memo with a "zero dollar" payment.
- Click +New.
- Select Pay Bills.
- Select the deposit.
- Select Save and close.
These instructions are available from our guide on entering a refund from a supplier.
Once done, you can reconcile your account to make sure they match your bank statement.
Just to add this is available in our Essentials and Plus packages. If you are using the Simple Start package you can record the refund by creating a bank deposit (+ New > Bank deposit) - select the date and bank account the money was returned to and then scroll to 'add funds to this deposit'. On the first line, enter the same expense account used in the original expense and then enter the total amount and VAT code.
Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a wonderful day.
I've got just the steps you'll need in recording the refund, @hotlocks.
When you receive a refund from a vendor, you must first record a supplier credit for the expense that the refunded payment was applied. Then, you'll have to deposit the money received. After that, apply or link the deposit to the credit memo with a "zero GBP" payment. I'll show you how to do it.
Let's start recording the refund by entering the vendor credit.
- Click on the +New button.
- Select Supplier/Vendor Credit.
- Select the vendor's name from the Vendor drop-down list.
- Depending on how you record purchases with this vendor, enter the Category details or Item details. Usually, this is the category, product, or service you’re getting credit for.
- Enter the amount.
- Select Save and close.
Then, let's deposit the money received.
- Click +New.
- Select Bank deposit.
- Choose the bank account.
- In the Add funds to this deposit section, fill in the following fields:
- Received from: Select or enter the vendor name
- Account: Select the Accounts Payable account.
- Amount: Enter the cheque amount.
- Select Save and close.
Lastly, let's link the deposit to the vendor's credit memo with a "zero dollar" payment.
- Click +New.
- Select Pay Bills.
- Select the deposit.
- Select Save and close.
These instructions are available from our guide on entering a refund from a supplier.
Once done, you can reconcile your account to make sure they match your bank statement.
Just to add this is available in our Essentials and Plus packages. If you are using the Simple Start package you can record the refund by creating a bank deposit (+ New > Bank deposit) - select the date and bank account the money was returned to and then scroll to 'add funds to this deposit'. On the first line, enter the same expense account used in the original expense and then enter the total amount and VAT code.
Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a wonderful day.
I appreciate you getting back to us, jasgagan.
To ensure your transactions are showing when paying bills, you might want to ensure you've selected the Accounts Payable (Creditors). See the sample screenshot below.
Once done, we can go back to the Pay Bills section and select the Bank Deposit from there.
To know more about this process, we can refer to this article: Record a customer refund or supplier refund in QuickBooks Online. In the same link, we can find other ways how to handle supplier refunds based on scenarios.
Should you have follow-up questions about recording refunds in QuickBooks Online, please let me know. I'm all hands on deck to keep helping. Have a good one, jasgagan.
Hello, @jasgagan.
Thanks for following up with us. Allow me to chime in and share additional information about recording a supplier refund. I want to make sure you can get everything straightened out.
Yes, you're right. The way to record a refund is to create a supplier credit for the expense that the refunded payment was applied. Then, you'll have to deposit the money received. Make sure to select Accounts Payable in the Account field. This way, you can apply or link it to the credit memo using the Pay Bills feature. You may also read through this article for your reference: Record a customer refund or supplier refund in QuickBooks Online.
Although I'd love to look further into this for you, I don't have the same types of tools needed to call as our Customer Care Support team do. If you wish to reach them, you may follow the steps below:
- Head to this link: Support.
- Select which product is your question about and then its edition.
- Enter a short description of your concern.
- Hit Continue.
- Select a way to connect with us.
Keep in touch with us here if you need more help with the process and update us on how the call goes. I'm determined to ensure your success. Have a great day!
