cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

I received a refund from our insurance company for an overpayment on our business insurance. How do I post this?

 
1 Comment
Highlighted
QuickBooks Team

I received a refund from our insurance company for an overpayment on our business insurance. How do I post this?

Thank you for posting here in the Intuit Community, @Melinda7112.

 

I'm happy to help you to record a refund from your insurance company.

 

Step 1: Record a deposit of the vendor check.

  1. Go to the Banking menu and select Make Deposits.
  2. Click OK on the Payment Deposit screen.
  3. In the Received from the drop-down, choose the vendor who sent the refund.
  4. In the From Account drop-down, select the appropriate Accounts Payable account.
  5. In the Amount column, enter the refund amount shown on the check.
  6. Fill out the MemoCheck NumberPayment Method, and Class fields.
  7. Press Save & Close when done.

Step 2: Record a bill credit for the refunded amount.

  1. Select the Vendors menu, click Enter Bills.
  2. Click the Credit radio button to account for the return of goods.
  3. Pick the Vendor name from the drop-down.
  4. Go to the Expenses tab and enter the appropriate account.
  5. From the Amount column, enter the amount.
  6. Hit Save and Close.

Step 3: Link the deposit to the bill credit.

  1. From the Vendors menu, click Pay Bills.
  2. Check the Deposit that matches the check amount.
  3. Select Set Credits, and apply the Bill Credit you created earlier.
  4. Click Done.
  5. Select Pay Selected Bills from the list, then click Done.

 

I'll be adding this article for future help on how to Create, access and modify memorized reports.

 

If you need anything else, let me know in the comment. I'll be here to keep helping whenever you need additional assistance. 

 

 

Need to get in touch?

Contact us