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Sonia_Landers
Level 1

Cash Management

HELP!

My employer formally used Sage Business Works. Sage offers a cash management module, which allowed them to deposit funds into the checking account and assign a GL. The GL would be to a holding or expense account. These checks are NOT associated to an invoice or bill. They are reimbursements, refunds, rebates, or insurance settlement checks. 

 

I am  currently using Quickbooks Desktop Premier 2021 Edition.

I download instructions from quickbooks help, that offered 5 scenarios for which were similar to the above. However, I went step by step and it didn't work ...

1. Create deposit. Click FROM account, enter check info, and save

2. Go to enter bills from Vendor. Create Credit Memo. Enter amount, assign GL, and save.

3. Go to Pay Bills from Vendor. Match deposit to credit memo. Click deposit and set credits. 

THIS IS WHER IT FAILS! You can't set credits without an invoice and deposits don't show in this window.

 

It has also been suggested to use Sales Receipts and Journal entries.

I can't use sale receipts because this effects our sales tax

Journal entries put funds in checking account, but decreases holding account. The holding account should be a positive, it needs to increase the amount in the holding account NOT take from nothing. 

 

Please Help !!!

 

Solved
Best answer April 02, 2021

Best Answers
LollyNino_C
QuickBooks Team

Cash Management

Good day, @Sonia_Landers.

 

You came to the right place for help with QuickBooks. Let me share some more insights in recording refunds you received from a vendor.

 

I appreciate also for following the correct scenario steps. if you're using  scenario 3, just make sure to use AP account when making deposit in step 1.Then choose your GL account in tracking your refunds/reimbursements when creating credit in Step 2. That way, you'll be able to link your deposit and bill credit following step 3.

This article will guide you in recording refunds you received from a vendor. Once you're done the steps to record the refund vendor. You may refer on the screenshots that I provided below: 

 

SCENARIO 3

  • STEP 1 - Record a Deposit of the vendor check:
  • STEP 2 - Record a Bill Credit for the amount of the Vendor Check:
  • STEP 3 - Link the Deposit to the Bill Credit: 
  • Once you click Set Credit it will apply right away.

 

Please visit these articles to learn more about how to handle a chart of accounts and vendor transactions.

 

Please know you can reach out to the Community at any time. We're always here to lend a helping hand. Take care and enjoy your weekend. You deserve it!

 

Allow me to share more insights and help you match the amounts

View solution in original post

5 Comments 5
MichelleBh
QuickBooks Team

Cash Management

Hello, @Sonia_Landers.

 

I appreciate you for downloading the recommended steps and providing complete details of your concern. I'm here to provide other steps to make your holding account correct. 

 

Make sure to use the appropriate scenario about recording a refund in QuickBooks Desktop. This way, the holding account balance will increase. 

 

Once confirmed and the issue keeps going, I'd recommend creating a Journal Entry (JE). This process is used to document and record financial transactions when there’s not already a designated form setup for them.

 

Here's how: 

 

  1. Go to the Company menu. 
  2. Select Make General Journal Entries.
  3. Pick accurate accounts in the fields. 
  4. Enter the correct debit and credit amount.
  5. Click Save and close

 

For more details, check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac.

 

To make sure that the holding account will not decrease, please communicate with your accountant. If you don't have one, you can go to this link to find one: Find ProAdvisor.

 

Please visit these articles to learn more about how to handle a chart of accounts and vendor transactions.

 

 

You can always notify me if you have further questions about vendor refund. I'm here to help you. Take care. 

Sonia_Landers
Level 1

Cash Management

I am using the correct scenario and the process is NOT working, that is why I am asking for help.

 

LollyNino_C
QuickBooks Team

Cash Management

Good day, @Sonia_Landers.

 

You came to the right place for help with QuickBooks. Let me share some more insights in recording refunds you received from a vendor.

 

I appreciate also for following the correct scenario steps. if you're using  scenario 3, just make sure to use AP account when making deposit in step 1.Then choose your GL account in tracking your refunds/reimbursements when creating credit in Step 2. That way, you'll be able to link your deposit and bill credit following step 3.

This article will guide you in recording refunds you received from a vendor. Once you're done the steps to record the refund vendor. You may refer on the screenshots that I provided below: 

 

SCENARIO 3

  • STEP 1 - Record a Deposit of the vendor check:
  • STEP 2 - Record a Bill Credit for the amount of the Vendor Check:
  • STEP 3 - Link the Deposit to the Bill Credit: 
  • Once you click Set Credit it will apply right away.

 

Please visit these articles to learn more about how to handle a chart of accounts and vendor transactions.

 

Please know you can reach out to the Community at any time. We're always here to lend a helping hand. Take care and enjoy your weekend. You deserve it!

 

Allow me to share more insights and help you match the amounts

View solution in original post

Sonia_Landers
Level 1

Cash Management

Thank you, LollyNino_C. I have been struggling with this for months. You had the missing piece to put the deposit in Accounts Payable. Again, Thank You!!!

 

Sonia_Landers

Jovychris_A
QuickBooks Team

Cash Management

Well done, @Sonia_Landers!

 

Thank you so much for recognizing my peer's solution to your concern. Please let us know if you have additional questions in the future. The Community is always here to lend a hand. Enjoy the rest of the day! 

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