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jmacmillan-invic
Level 1

How to record an electronic payment to the wrong vendor and then the vendor returned the payment 10 days later by electronic deposit?

 
3 Comments 3
MichelleBh
Moderator

How to record an electronic payment to the wrong vendor and then the vendor returned the payment 10 days later by electronic deposit?

I've got the steps you need with  your vendor electronic payment, @jmacmillan-invic.

 

I'm here to ensure you're able to record the electronic payment to the right vendor. This way, the vendor reports, and forms are accurate at the end of the year. 

 

To start, I'd recommend entering a vendor credit, then deposit the create a deposit. Let me show you on how:

  1. Go to the +Plus button, then select Vendor Credit
  2. Choose the vendor who received the wrong payment.
  3. Pick a category or item used and enter the same amount. 
  4. Click Save and close

        5. Go back to the +New and choose Bank deposit

        6. On the Account menu, select your bank account.

        7 In the Add funds to this deposit section, pick your vendor. 

        8. Choose Accounts Payable in the Account field, then choose Payment Method, and enter the same Amount

        9. Tap Save and close

 

Once done, create a check to link the two transactions created. This way, the funds will be forwarded to the right vendor. 

 

Here's how: 

  1. Go to the +New button, then under VENDORS, select Check.
  2. On the Payee menu, select your vendor.
  3. Select Add on both deposit and credit created.
  4. Click Save and close.

 

Additionally, you can always access any vendor reports to track all the data you've entered into the system. Then customize it to show specific details. 

 

Lastly, I've also included these helpful articles on how to manage vendor transactions, modify payment methods, and handling Online Bill Pay.

 

 

I'm always here if you need further assistance with your vendor payments. Have a good one.

jmacmillan-invic
Level 1

How to record an electronic payment to the wrong vendor and then the vendor returned the payment 10 days later by electronic deposit?

Hi Rachel, 

 

I was a little bit skeptical in entering the steps you provided, however, as I followed your instructions the entries made sense and all balanced in the end. 

Thank you very much!

bluefar
Level 1

How to record an electronic payment to the wrong vendor and then the vendor returned the payment 10 days later by electronic deposit?

"You cannot track tax on accounts of types Accounts Receivable and Accounts Payable"

When I tried to this I goy the above message

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