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lawrencehhhh
Level 1

how to record a refund from a real estate brokerage from the respective of a landlord?

I'm the bookkeeper of the landlord and recently the broker rent out a unit for the landlord. The broker's trust account kept the first and last month's deposit of $1582 at the beginning. But after the calculation, the commission fee was $1328.88. So, the brokerage kept $1328.88 and returned the rest, $253.12 to the landlord. 

And my question is how to record a refund from a real estate brokerage from the respective of a landlord?

I am not familiar with this type of transactions, so please tell me how to do it at the very beginning. Thanks a lot. 

3 Comments 3
RoseJillB
QuickBooks Team

how to record a refund from a real estate brokerage from the respective of a landlord?

Hello there, @lawrencehhhh.

 

I got your back about recording a refund to a customer in QuickBooks Desktop (QBDT).

 

Beforehand, let’s create a credit memo for the Real Estate Brokerage customer of your landlord. Here’s how:

 

  1. Go to the Customers menu, and select Create Credit Memos/Refunds.
  2. From the Customer: Job drop-down menu, choose the customer Real Estate Brokerage.
  3. Enter the details for the transaction. Then, select Save & Close.

 

To give a refund to your customer, you can follow the steps outlined below:

 

  1. The check will be filled out automatically. Please check the details and click OK.
  2. Go back to the Customers menu and select Receive Payments to link the check to the overpayment.
  3. Select the Real Estate Brokerage as your customer from the Received from the drop-down. Then, select the Discounts and Credits icon.
  4. Select the check you created and click Done in the Available Credits section.
  5. A prompt will pop up to Confirm transfer. Do select Yes and the amount will be applied automatically to the invoice.
  6. Select Save & Close.

 

Check out this article if you want to learn more about other alternatives to using credit memos: Give your customer a credit or refund in QuickBooks Desktop for Windows

 

You can always tap me here in the Community if you need further assistance with refunds. I’m just one post away from assisting you. Have a great day!

lawrencehhhh
Level 1

how to record a refund from a real estate brokerage from the respective of a landlord?

Hi RoseJillB,

 

Thanks for your reply. 

But the thing is the real estate agent is our vendor. In other words, they charged a little bit more than the invoice and then they refunded us with a cheque. So, in short, a vendor paid a cheque to us. But I did not find a button that a vendor could give a cheque to us. Is it because of the version of the quickbooks that I'm using, which is Quickbooks pro 2003. Thanks.

Tori B
QuickBooks Team

how to record a refund from a real estate brokerage from the respective of a landlord?

Good evening, @lawrencehhhh

 

Thanks for getting back to us and clarifying that the real estate agent is set as a vendor in your company file. 

 

Recording a vendor refund is slightly different from recording customer refunds. Since your case is that the vendor is giving you a refund for an overpayment, you'll want to use the steps I've included below to record this transaction. 

 

You can enter the overpayment amount when entering the bills. Here's how: 

 

  1. Go to Vendors.
  2. Select Enter Bills.
  3. Click Credit.
  4. Choose the Vendor's name.
  5. Enter the amount of the said overpayments.
  6. Press Save & Close.

 

Once done, you can open a bill payment transaction, and the overpayment amount will show up on the Set Credits window. To learn more about recording a vendor refund, see the Record a vendor refund in the QuickBooks Desktop article.

 

Please let me know if you have any additional questions or concerns about this process. I'm always here to lend a hand. Take care! 

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