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Buy nowWe received a check from "Vendor One" to reimburse the company for an expense that was paid to "Vendor Two". The expense was paid via a CC and entered as an expense and not a bill so Accounts Payable was not affected. I have used the Google Machine to try and find how to properly enter this into QuickBooks, but I can't find this exact example. I can't imagine I am the first person to ever have to enter something of this nature into QuickBooks.
How to I properly enter this into QuickBooks Online?
Thank you to anyone who can properly assist me with this task.
I know the steps to record the reimbursement you received from your vendor, Leon. I'll explain the details about this below.
Since you've paid the wrong vendor, you will have to create a clearing account and record a journal entry to clear out the expense and transfer it to the correct vendor. To start, you should create a clearing account by following these steps:
Once you have created the clearing account, you can proceed to create the journal entries. Before doing so, ensure that you use an expense account as the category for the expense. Follow the steps below to guide you:
Please note that if you used items instead of a category for the expense transaction, the above steps will not apply. Also, if the amount shows a negative amount in the vendor balance, it is due to the credit you transferred from the wrong vendor. Therefore, it is advisable to contact your accountant for further assistance with recording the reimbursement process.
Additionally, if you receive a refund or vendor credit from a vendor, you can record it and apply it to future transactions in QuickBooks Online.
Let me know if you have other questions about recording reimbursements or transferring expenses in QuickBooks Online. I'll be around the clock and get back to you as long as you need my assistance.
I'm sorry, I didn't make it more clear. It wasn't a mistake, the one vendor agreed to reimburse us for an expense we paid to a different vendor. We paid to have work done on a rental property and the rental property then reimbursed us for the monies we paid to the contractor.
Thank you for the clarification, leonlashway .
If you have paid an expense to a different vendor that you need to reimburse, you can create a clearing account and record it in the journal entry. This will ensure that the expense is cleared out and transferred to the right vendor at the same time. You can find more detailed steps by following the instructions provided by my colleague.
However, please note that the instructions mentioned above are not applicable if you have used items instead of a category for the expense transaction. In such a case, it is advisable to seek assistance from your accountant to ensure accurate results.
Furthermore, you can also record or refund from a vendor in QBO: Enter vendor credits and refunds in QuickBooks Online.
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