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Frequent Explorer *

Credit card refund from supplier for purchase?

Hi,

I have just started entering transactions for this quarter into QBO.

I have had a partial refund on a credit card purchase for a faulty item.

 

How do I enter the refund?

 

I added the original invoice from several months ago as I assumed I had to raise a Supplier Credit.  I made a supplier credit to match the refund total.  How do I apply the refund to this credit?

 

I watched a video on supplier credit deposit but I can't follow that method as my card is not listed under banking deposit only my main account and Paypal account, no credit card account listed.

 

What is the correct method please?

Solved
Best answer 09-04-2019

Accepted Solutions
QuickBooks Team

Re: Credit card refund from supplier for purchase?

Hello Rafiq,

 

Apologies for the post above - these are the steps to follow when you are recording a refund from a Current account. In the case of a credit card refund, you only need to create a Card Credit. You do not need a supplier credit, or an expense. Delete the credit you created, go to the + icon and select Card credit - fill in the details of the refund here. You will then be able to match this within Banking.

 

Thanks,

 

Talia

4 REPLIES 4
QuickBooks Team

Re: Credit card refund from supplier for purchase?

Hey Rafiq,

 

 

To record the refund you would need to create the initial bill for the whole purchase amount and then create a supplier credit linked to a bank deposit with the details below:

 

 

1. Create a supplier credit (+ icon -> supplier credit​)

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

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 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 cheque and tick the supplier credit against the bank deposit then save & close

 

 

Thanks :)

 

Frequent Explorer *

Re: Credit card refund from supplier for purchase?

Hi,

I have already made a bill for the original purchase.

 

I created a supplier credit for the partial refund.

 

When I go to Bank Deposit I see only my Current Account and Paypal account not my Credit Card account.

QuickBooks Team

Re: Credit card refund from supplier for purchase?

Hello Rafiq,

 

Apologies for the post above - these are the steps to follow when you are recording a refund from a Current account. In the case of a credit card refund, you only need to create a Card Credit. You do not need a supplier credit, or an expense. Delete the credit you created, go to the + icon and select Card credit - fill in the details of the refund here. You will then be able to match this within Banking.

 

Thanks,

 

Talia

Frequent Explorer *

Re: Credit card refund from supplier for purchase?

Got it thanks.  I didn't sport that option.