Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowHello!
I use QuickBooks Online and need help properly recording a lost check to a vendor. The check was issued through my bank's bill payment portal. I have entered the bill in QuickBooks and have applied the bill payment to this bill. My AP is zero. But, the check was lost to my vendor and I cancelled the check. The bank will be refunding the money. I have initiated a new bill pay (via check) with the bank to pay the vendor again. How do I properly record the refund, apply to the already paid bill and new bill payment in this transaction? Also, the bill for this check was for a prepaid expense for the year. In the original bill, I have assigned the category to an other current asset account and I have set up a reoccuring transaction for a monthly adjustment to an expense account. Additionally, how do I make sure that the prepaid other current asset account and reoccuring transaction are not negatively affected by recording the cancelled bill payment check, subsequent refund and new bill payment to the vendor? Thank you so much for your help!
Solved! Go to Solution.
Hi @JSR2,
I'll walk you through on how you can record a refund from your vendor.
You'll have to enter a vendor credit first. This ensures the credit offsets the expense account you used from the original bill.
Here's how:
Next, you'll need to record a deposit for the money you got from the refund. Lastly, you'll have to create a Pay Bills transaction to link both the vendor credit and the deposit transaction.
See Step 2 and Step 3 of this article for additional details: Enter a refund from a vendor. You can find links to related articles for vendor credits.
On the other hand, take a look at this article on how you can enter a customer refund in QuickBooks Online: Record a customer refund in QuickBooks Online. In this article, you can find a short video that will act as a reference to the refund process.
Feel free to post a comment below in case you have other questions in mind. I'll be sure to get back to you.
Hi @JSR2,
I'll walk you through on how you can record a refund from your vendor.
You'll have to enter a vendor credit first. This ensures the credit offsets the expense account you used from the original bill.
Here's how:
Next, you'll need to record a deposit for the money you got from the refund. Lastly, you'll have to create a Pay Bills transaction to link both the vendor credit and the deposit transaction.
See Step 2 and Step 3 of this article for additional details: Enter a refund from a vendor. You can find links to related articles for vendor credits.
On the other hand, take a look at this article on how you can enter a customer refund in QuickBooks Online: Record a customer refund in QuickBooks Online. In this article, you can find a short video that will act as a reference to the refund process.
Feel free to post a comment below in case you have other questions in mind. I'll be sure to get back to you.
Ryan_M- Thank you so much! This worked perfectly and I really appreciate your quick response!
Hi @JSR2,
It warms the heart, knowing that the steps I provided worked for you.
Please know that you're always welcome to post your questions here in the Community. Rest assured, we got your back.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.