I'm glad to provide the steps on how to record the returned inventory you've purchased, Lenny G.
The first thing you need to do is deposit the merchandise credit you receive from the supplier. Here's how:
- Go to the Banking menu, then select Make Deposits.
- If the Payments to Deposit window appears, select OK.
- In the Make Deposits window, select the Received from drop-down and choose the vendor who sent you the refund.
- In the From Account drop-down, select the appropriate Accounts Payable account.
- In the Amount column, enter the actual amount of the Vendor check.
- Enter the remaining information in the Deposit.
- Click Save & Close.
Second, enter a Bill Credit for the returned items. Make sure to select the item you've purchased so you won't have to manually adjust your inventory.
- Go to the Vendors menu, then select Enter Bills.
- Select the Credit radio button to account for the return of goods.
- Enter the Vendor name.
- Select the Items Tab and enter the returned items with the same amounts as the refund check.
- Click Save & Close.
Lastly, link the deposit to the Bill Credit. Here are the steps you can follow.
- Go to the Vendors menu, then select Pay Bills.
- Check the Deposit that matches the Vendor check amount.
- Select Set Credits and apply the Bill Credit you created earlier then select Done.
- Click Pay Selected Bills, then select Done.
In case you need a reference to the process, I'm adding this article for you: Record a vendor refund in QuickBooks Desktop.
To ensure you're recording what you've purchased, you can follow the workflow through these articles.
Stay in touch with me if you need anything else with recording the returned inventory item. Just leave a comment below and I'll get back to you.
