Thank you for reaching out to the QuickBooks Community Lesley. I can help you record the refund for the returned product and match it to the vendor credit.
Yes, vendor credit applies to open bills in QuickBooks Online (QBO). Let me provide additional steps to ensure the refund matches your bank transactions completely. Since you've already created a vendor credit, you now need to record a bank deposit and post it to your Accounts Payable.
Here's how:
- Go to the + New icon, then select Bank deposit.
- In the Account dropdown menu, select the account where the refund was posted.
- Then scroll down until you see Add funds to this deposit section.
- Under Received from field, select the vendor who gave the refund.
- On the Account section, click Accounts Payable to link the refund to the vendor credit.
- Enter the payment method your vendor used to refund you.
- Enter the refunded amount, then click Save and close once done.
Then, mark the bill as paid using the Pay bills feature.
Here's how:
- Go to the + New icon, then select Pay bills.
- Select the bank deposit you just created. You’ll see the amount of the vendor credit in the Credit Applied field. The Total payment should be US $0.00.
- Select Save and close.
After that, proceed to match the refund to the created bank deposit that is sitting in the For Review tab.
Additionally, you can run a vendor report to help you track and manage your vendor transactions and expenses efficiently.
Feel free to reach out in the Community if you need further assistance about matching your refund. I'll be right here to help you.
