Supplier deposit and refund

Hello AndyA60, 

Welcome to the Community page, 

So what you would need to do is create an expense out for the hire from the +new section and then create a deposit so it would be to put it back into the same hire expense account. This will then cancel each other out in the account. Then you can just match/add at the banking page that its money out and money in and you can add a note on the deposit to say it’s a refund back in and what for so you know for future reference. 

Hi Ashleigh1

Thanks fo you quick response.

From the Chart of Accounts I created an account called "Equipment Hire" with "Type -Creditors" and "Detail Type - Creditors". I have then successfully created an expense and a deposit to the account which matched the imported bank transactions which leaves the account with a credit I actually paid for the cost of the hire.

I then tried to create a new expense for the cost of the hire so that I can claim the VAT back, however there is no option to uses the "Equipment Hire" account.

How should I proceed with this?

Hello there, ANdy60.

Allow me to chime in and share some information on how you can claim the refund in QuickBooks Online (QBO).

Once you've created the account and the items, let's start recording the refund by entering the vendor credit.
 

1. Click on the +New button.
2. Choose Supplier/Vendor Credit.
3. Tao the vendor's name from the Vendor drop-down list.
4. 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.
5. Enter the amount.
6. Hit Save and close.
    

Then, let's deposit the money received.
 

1. Click +New.
2. Tap Bank deposit.
3. Choose the bank account.
4. In the Add funds to this deposit section, fill in the following fields:
5. Received from: Select or enter the vendor name
6. Account: Select the Accounts Payable account.
7. Amount: Enter the cheque amount.
8. Tick Save and close.
    

Lastly, let's link the deposit to the vendor's credit memo with a "zero dollar" payment.
 

1. Click +New.
2. Choose Pay Bills.
3. Hit the deposit.
4. Tap 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. 

Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a wonderful day.

Hi DebSheenD

Thanks for your reposnse.

I've tried to create a New Supplier/ Vendor Credit, however I have and up arrow against this option which routes me to a page to upgrade my version of QBO.

I wish to remain on QBO Simple Plan, how do I deal with the refund in this version

Thanks 

AndyA60

 Hello AndyA60, so in simple start you cannot do a refund it is not possible to do so. Instead you will have to create a deposit and in the account column of the 'add funds to this deposit' section you would need to enter in the same expense account used in the original bill/expense.