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Hi everyone,
I'm struggling to deal with supplier refunds in Quickbooks online. Basically I returned some goods to a supplier as they were not as described and I received a refund of the original amount into my bank account plus cost of return shipping which was originally paid with petty cash.
I've read up on this scenario but am struggling to get my head around it especially as most solutions seem to involve an accounts payable account which I don't have as I work on cash basis.
I'm using QB online essentials.
Can anyone break down the best process to deal with this?
Thanks
Solved! Go to Solution.
Hello Community Users! We just wanted to pop in and add a help article which goes through how to deal with supplier refunds in Quickbooks Online and the different scenarios. It shows a step-by-step guide and a video guide to make it easier to replicate. Any questions just ask.
Hey there, MattB3.
I'd be glad to help you deal with your supplier's refunds without involving the accounts payable in QuickBooks Online.
You can record a cheque or an expense transaction and link it to your bank deposit. You can follow the steps below to enter a cheque:
To link the cheque, here's how:
You can go through these articles to help guide you in linking the transactions:
Let me know how the result of this troubleshooting in the comment below. I need to make sure this is resolved and you're back to running your normal business processing. All the best!
Hi,
I'm afraid this makes no sense to me.
Firstly the supplier is sending me money so why is it an expense?
I have tried to follow the steps listed below, I can get to the following steps:
There is no add to expense or add to cheque section that I can see. Also I cant leave the payment date field blank or you cannot do anything with the cheque?
Allow me to join the thread, @MattB3.
You can enter a refund depending on how you record your purchases. For now, you can enter a supplier credit and make sure the credit hits the expense account you use for this supplier.
To record a supplier's credit:
Then, link the supplier credit when paying the bill.
On the other hand, you can also deposit the money you got from the refund.
I also suggest working with a professional account if you need further assistance in handling your transactions accordingly.
For additional reference about handling supplier credits and refunds, read this article.
Get back to me if you have any other questions. I'm a few clicks away to help. Have a good day!
Just to say I'm struggling with the exactly the same issue. I have followed the 3 steps.
1. Enter a Supplier Credit
2. Enter the Supplier Refund in the Deposit Screen - I have questions. Why when the original price I paid and the refund I recieved both had VAT accounted for do I get a dialogue box saying that Debtors and Creditors account do not track Vat?
3. Select Expense or Cheque - why? Why does it suddenly become an expense to me? I'm finding this extremely confusing.
Could someone please just tell me, simply, the steps to record and account for a refund FROM a supplier.
Hi 9130347289043866!
When you record a Supplier Credit, this makes sure that the credit hits the expense account you use for this supplier. Also, you can set the deposit to No Vat from the Amounts are drop-down.
In addition, you'll need to create either Expense or Cheque to connect or link the bank deposit to the supplier credit. You'll notice that the amount paid is zero. This keeps your vendor expenses accurate.
Also, you can run reports with supplier totals.
Leave a comment again if you have other clarifications. Take care!
Hello Community Users! We just wanted to pop in and add a help article which goes through how to deal with supplier refunds in Quickbooks Online and the different scenarios. It shows a step-by-step guide and a video guide to make it easier to replicate. Any questions just ask.
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