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Frequent Explorer **

Petty cash refund

Hi,

Can anyone help?!  I need to action a petty cash refund.  A phone was purchased using petty cash - but the phone was then refunded and I want to put the money back into petty cash.  How do I do that?

Thanks

Solved
Best answer 07-11-2018

Accepted Solutions
QuickBooks Team

Re: Petty cash refund

Hi AJM0517,

 

The credit note is to represent the money coming back into your business and works the same with cash transactions. The Creditors account should be used for the Deposit then whichever Expense account would normally be used for the Credit Note.

 

Please let me know if you need any more help with this.

Frequent Explorer **

Re: Petty cash refund

Hi - yes thank you for this.  I think the problem is that we're a tiny charity using cash accounting throughout the year and so we don't use trade creditors.  But this definitely helps, thank you.  

6 REPLIES 6
QuickBooks Team

Re: Petty cash refund

Hi AJM0517

 

If you wanted to record a refund from a supplier then just follow the steps below. Jut be sure to select the Petty Cash account when recording the deposit.

 

First we would record the Deposit.

 

1. Choose + Icon > Bank Deposits.
2. In the section for new deposits (underneath the Payments section) enter the following information:
◦In the Received From field select or enter the desired supplier.
◦In the Account field, select the Accounts Payable account (creditors).
◦In the Amount field, enter the amount of the refund.
 ◦In the Amount are field, select NO VAT (not inclusive/exclusive)
3. Click Save.

 

Now, enter the supplier credit:


1. Choose + Icon > supplier Credit.
2. In the Pay to the order field, select the appropriate supplier.
3. Enter the Credit Date, Credit Amount, and Account (the account used here is typically the original expense account on the original bill.)
4. Click Save.

 

Finally we would create a dummy bill as a platform to match the credit and the deposit.

 

1. Next, go to the + Icon > Bill.
2. Create a dummy bill and save (does not really matter the details as long as it is for the same supplier).
3. Click on make payment
4. Under the Credits section click the supplier credit.
5. Under the Bill Payment Information section click the deposit.
6 Make sure you untick the bill
7. On the bottom right click Save.
8. Delete the dummy bill.

 

If you have any problems, please feel et me know and I will be back in touch :)

Frequent Explorer **

Re: Petty cash refund

Thanks for this - but I'm a bit confused.  As it's actually cash I'm receiving and not a credit note itself, do I have to assign it to trade creditors?  Can I put it for example straight to the profit and loss account that it was originally expensed to in the section 'account'?  I might be something very obvious!!

QuickBooks Team

Re: Petty cash refund

Hi AJM0517,

 

The credit note is to represent the money coming back into your business and works the same with cash transactions. The Creditors account should be used for the Deposit then whichever Expense account would normally be used for the Credit Note.

 

Please let me know if you need any more help with this.

Frequent Explorer **

Re: Petty cash refund

Hi - yes thank you for this.  I think the problem is that we're a tiny charity using cash accounting throughout the year and so we don't use trade creditors.  But this definitely helps, thank you.  

QuickBooks Team

Re: Petty cash refund

No worries.

 

If there is anything else we can help with, let me know :)

 

 

Intuit

Re: Petty cash refund

Hi, @AJM0517!

 

I hope you're well and enjoying the sunshine wherever you are.

 

I am glad you had your query resolved. The QB Community is much more than product help. It's also a place to seek guidance, gain inspiration and make connections... This all happens over on the Business Discussion boards too Smiley Happy. Whether you're self-employed, own a small business or you're eager to learn something new, the Business Discussions offer a great opportunity! Have a browse of our additional pages using the links below and come over and comment. I would love to hear more about what you do! 


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