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DBR97
Level 2

Credit note from supplier

I have received a credit note from a supplier.  In the past that would stay on their supplier record and I would set that credit against a future purchase, but in this case I won't be placing another order with that supplier.  It was originally purchased with a credit card and they processed the refund back to the original card.

 

Does the credit amount have to stay against that supplier with a negative balance, or can the credited amount be transferred back to my credit card account? 

 

Apologies for what might seem a simple question, but that hasn't happened to me before...

Thanks

Dave

Solved
Best answer November 30, 2020

Accepted Solutions
MaryJoyD
QuickBooks Team

Credit note from supplier

Thank you for the response, @DBR97.

 

Let me show you how to record the refund that you've received from your supplier. 

 

You can simply create a bank deposit for the refunded amount that you've received as a credit card credit. 

 

Here's how:

  1. Select Enter Credit Card Charges from the Banking menu.                                                         
  2. Choose your account from the Credit Card drop-down.
  3. Select the Refund/Credit radio button. 
  4. Choose the appropriate Supplier name and enter the DateRef No, and Amount.
  5. Select the Expenses tab, select the appropriate Accounts and enter the Amount.
  6. Click Save & Close.

You can check the following article for more information about the different scenarios on how to record the refund you received from a supplier: Record a supplier refund in QuickBooks Desktop.

 

Here's also a guide that can help you record supplier prepayments or deposits for prepaid parts or services

 

Keep me posted if you have a follow-up question in recording your supplier refund. I'm always glad to help in any way I can. Have a wonderful day!

View solution in original post

5 REPLIES 5
EmmaM
QuickBooks Team

Credit note from supplier

Hello DBR97, Have you recorded the card credit? In this case, we would offset that against the supplier credit on the account. We can go through this with we just need to check what you have done already on the account.

DBR97
Level 2

Credit note from supplier


@EmmaM wrote:

Hello DBR97, Have you recorded the card credit? In this case, we would offset that against the supplier credit on the account. We can go through this with we just need to check what you have done already on the account.


Hi Emma

Yes, the original purchase was recorded against the credit card.  When I received the refund I went into the "Enter Bills" option and clicked on credit, but when that completed it resulted in a negative balance for that supplier.

DBR97
Level 2

Credit note from supplier


@DBR97 wrote:

@EmmaM wrote:

Hello DBR97, Have you recorded the card credit? In this case, we would offset that against the supplier credit on the account. We can go through this with we just need to check what you have done already on the account.


Hi Emma

Yes, the original purchase was recorded against the credit card.  When I received the refund I went into the "Enter Bills" option and clicked on credit, but when that completed it resulted in a negative balance for that supplier.


Just to clarify my reply.  The balance on the credit card account won't agree because the refund hasn't been enetered on Quickbooks apart from the reverse of the original bill, so it looks like I need to do something else to complete this transaction...

MaryJoyD
QuickBooks Team

Credit note from supplier

Thank you for the response, @DBR97.

 

Let me show you how to record the refund that you've received from your supplier. 

 

You can simply create a bank deposit for the refunded amount that you've received as a credit card credit. 

 

Here's how:

  1. Select Enter Credit Card Charges from the Banking menu.                                                         
  2. Choose your account from the Credit Card drop-down.
  3. Select the Refund/Credit radio button. 
  4. Choose the appropriate Supplier name and enter the DateRef No, and Amount.
  5. Select the Expenses tab, select the appropriate Accounts and enter the Amount.
  6. Click Save & Close.

You can check the following article for more information about the different scenarios on how to record the refund you received from a supplier: Record a supplier refund in QuickBooks Desktop.

 

Here's also a guide that can help you record supplier prepayments or deposits for prepaid parts or services

 

Keep me posted if you have a follow-up question in recording your supplier refund. I'm always glad to help in any way I can. Have a wonderful day!

View solution in original post

DBR97
Level 2

Credit note from supplier

Thanks for your help.  I followed your advice and entered the refund using the Credit Card Charges option and that shows up under the supplier.  I deleted the original credit transaction as well, because I noted that the credit card charge didn't change the supplier balance.

 

Usually where I have received a supplier credit note for items that I returned, that amount would be deducted from my next payment to them so my usual way of entering a credit Bill  will still work for me I think.  I just use the credit amount against an invoice when paying it...

 

The other scenarios look more complex so I think I'll need to read that in detail to fully understand it. Although that hasn't happened (yet) I will need to take time to fully understand how to process it.

 

Thanks again for your help.

Kind regards

Dave

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