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I made a payment for software services using the business credit card (transfer reflected in banking), the services was not provided, so the the vendor refunded to my credit card. How do I record this

Please your help.

I made a payment for software services using the business credit card (transfer reflected in banking as "spent") on Feb, the services was not provided, so the vendor refunded to my credit card (transfer reflected in banking as "received") on March. How do I record this.

 

Thank you so much in advance for your support. 

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Best answer 03-07-2019

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Established Community Backer ***

Re: I made a payment for software services using the business credit card (transfer reflected in ...


@HoneyLynn_G wrote:

Good day, @LuzBeaty.

 

Thanks for posting here today. I can help you record the payment and refund transactions in QuickBooks Online.

 

First, you will have to add the payment transaction for the software services. This is to record the payment inside QBO. Next, create a vendor credit for the returned amount.

 

Here are the steps in entering vendor refund check:

  1. Click the Plus icon.
  2. Choose Bank Deposit.
  3. Go to the Add other funds to this deposit section.
  4. Enter the information on the Received from, Account and Amount fields.
  5. Click Save and close.

 

 

Lastly, you'll have to link that deposit to the vendor credit:

  1. Click the Plus icon.
  2. Choose Expense or Check
  3. Enter the vendor name.
  4. The Add to Check (Expense) left window will pop up. Add the deposit transaction.
  5. Select Save and close.

 

 

That should point you to the right track, LuzBeaty. For in-depth information, please use this article as a reference: Manage vendor credits

 

Keep me posted if you have additional questions about credits. I'm still here to help you further. Just add a comment below or mention my name. Wishing you and your business continued success!


 

This is wrong.  There is no AP involved and no Vendor Credit.

 

Just allocate the Deposit to the same expense account you used for the Expense

Frequent Explorer **

Re: I made a payment for software services using the business credit card (transfer reflected in ...

Hello @HoneyLynn_G Thank you for your prompt reply.

4 Comments
QuickBooks Team

Re: I made a payment for software services using the business credit card (transfer reflected in ...

Good day, @LuzBeaty.

 

Thanks for posting here today. I can help you record the payment and refund transactions in QuickBooks Online.

 

First, you will have to add the payment transaction for the software services. This is to record the payment inside QBO. Next, create a vendor credit for the returned amount.

 

Here are the steps in entering vendor refund check:

  1. Click the Plus icon.
  2. Choose Bank Deposit.
  3. Go to the Add other funds to this deposit section.
  4. Enter the information on the Received from, Account and Amount fields.
  5. Click Save and close.

 

Lastly, you'll have to link that deposit to the vendor credit:

  1. Click the Plus icon.
  2. Choose Expense or Check
  3. Enter the vendor name.
  4. The Add to Check (Expense) left window will pop up. Add the deposit transaction.
  5. Select Save and close.

 

That should point you to the right track, LuzBeaty. For in-depth information, please use this article as a reference: Manage vendor credits

 

Keep me posted if you have additional questions about credits. I'm still here to help you further. Just add a comment below or mention my name. Wishing you and your business continued success!

Established Community Backer ***

Re: I made a payment for software services using the business credit card (transfer reflected in ...


@HoneyLynn_G wrote:

Good day, @LuzBeaty.

 

Thanks for posting here today. I can help you record the payment and refund transactions in QuickBooks Online.

 

First, you will have to add the payment transaction for the software services. This is to record the payment inside QBO. Next, create a vendor credit for the returned amount.

 

Here are the steps in entering vendor refund check:

  1. Click the Plus icon.
  2. Choose Bank Deposit.
  3. Go to the Add other funds to this deposit section.
  4. Enter the information on the Received from, Account and Amount fields.
  5. Click Save and close.

 

 

Lastly, you'll have to link that deposit to the vendor credit:

  1. Click the Plus icon.
  2. Choose Expense or Check
  3. Enter the vendor name.
  4. The Add to Check (Expense) left window will pop up. Add the deposit transaction.
  5. Select Save and close.

 

 

That should point you to the right track, LuzBeaty. For in-depth information, please use this article as a reference: Manage vendor credits

 

Keep me posted if you have additional questions about credits. I'm still here to help you further. Just add a comment below or mention my name. Wishing you and your business continued success!


 

This is wrong.  There is no AP involved and no Vendor Credit.

 

Just allocate the Deposit to the same expense account you used for the Expense

Frequent Explorer **

Re: I made a payment for software services using the business credit card (transfer reflected in ...

Hello @HoneyLynn_G Thank you for your prompt reply.

Frequent Explorer **

Re: I made a payment for software services using the business credit card (transfer reflected in ...

@Malcolm Ziman  thank you so much for your prompt reply and support.

 

I was thinking on this, but I was wonder if it was right because it was so simple, but it means sense. Thank you so much and have a great day!

 

Regards,

Luz Beaty