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RyH37
Level 1

record refund check?

I have a construction company that uses subcontractors.  My company accidentally overpaid a subcontractor for services on a project and that subcontractor in turn wrote my company a check for the overpayment.  I've recorded this 'refund' check as an Expense in the specific category within the Project however it does not appear.  How should this type of 'refund' be recorded?

Solved
Best answer November 22, 2020

Best Answers
CharleneMae_F
QuickBooks Team

record refund check?

I'm here to ensure you're able to record the refund in QuickBooks Online, RyH37.

 

To begin with, let's link the vendor refund check to a vendor credit. You'll have to enter the vendor refund using a bank deposit. Then, you can proceed with linking it to the vendor credit. Let me guide you through the process.

 

Here's how to create a Vendor Credit:

  1. Go to the + New icon and then select Vendor Credit.
  2. Select the vendor name.
  3. Enter the necessary information.
  4. On the Customer/Project column, select the correct project.
  5. Click Save and close.

 

Then, let's create a Bank Deposit:

  1. From the +New icon, select Bank Deposit.
  2. In the Account drop-down menu, select the account where you got the refund.
  3. In the Add funds to this deposit section, fill out the following fields:
    • Received from: Select the vendor who gave you a refund.
    • Account: Select Accounts Payable to link the refund to the vendor credit. 
    • Payment method: Select Check.
    • Amount: Enter the amount of your refund.
  4. Select Save and close.

 

Once done, we can now create a Check to link the two transactions. Here's how:

  1. From the +New icon, select Check.
  2. Select the name of the payee. After that, the Deposit and the Vendor Credit will show on the right side of the screen.
  3. Click Add on both transactions.
  4. Click Save and close.

 

For more information on how to handle vendor credits and refunds, I suggest checking out this article: Enter a Refund From a Vendor.

 

Additionally, in case you'd like to issue a refund to your customer in QuickBooks Online, I encourage you to check out this article to learn more details: Void or Refund Customer Payments.

 

You can always click the Reply button if you have additional questions or concerns in managing your sales transactions. Doing so helps us provide an accurate solution for you.

View solution in original post

1 Comment
CharleneMae_F
QuickBooks Team

record refund check?

I'm here to ensure you're able to record the refund in QuickBooks Online, RyH37.

 

To begin with, let's link the vendor refund check to a vendor credit. You'll have to enter the vendor refund using a bank deposit. Then, you can proceed with linking it to the vendor credit. Let me guide you through the process.

 

Here's how to create a Vendor Credit:

  1. Go to the + New icon and then select Vendor Credit.
  2. Select the vendor name.
  3. Enter the necessary information.
  4. On the Customer/Project column, select the correct project.
  5. Click Save and close.

 

Then, let's create a Bank Deposit:

  1. From the +New icon, select Bank Deposit.
  2. In the Account drop-down menu, select the account where you got the refund.
  3. In the Add funds to this deposit section, fill out the following fields:
    • Received from: Select the vendor who gave you a refund.
    • Account: Select Accounts Payable to link the refund to the vendor credit. 
    • Payment method: Select Check.
    • Amount: Enter the amount of your refund.
  4. Select Save and close.

 

Once done, we can now create a Check to link the two transactions. Here's how:

  1. From the +New icon, select Check.
  2. Select the name of the payee. After that, the Deposit and the Vendor Credit will show on the right side of the screen.
  3. Click Add on both transactions.
  4. Click Save and close.

 

For more information on how to handle vendor credits and refunds, I suggest checking out this article: Enter a Refund From a Vendor.

 

Additionally, in case you'd like to issue a refund to your customer in QuickBooks Online, I encourage you to check out this article to learn more details: Void or Refund Customer Payments.

 

You can always click the Reply button if you have additional questions or concerns in managing your sales transactions. Doing so helps us provide an accurate solution for you.

View solution in original post

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