Our office uses job cost reports. I have a vendor that we paid for materials with a debit card. When entering I did the Write Check method and posted to the job which then showed up on our job cost report.
We were able to return some of the materials for a refund. How is the "refund" entered to hit job cost? Our bank statement reflects it as a deposit as the monies were simply refunded back to the card.
The goal is to have accurate job cost reports. With entering the "refund" directly to the check register it does not appear on job cost which makes the job cost overstated. Any help is appreciated.
I'm determined to ensure your job cost reports are accurate, eshaulis1.
We can record the returned material in QuickBooks Desktop by following the steps below.
To start, let's record a Deposit of the vendor check:
Then, let's record a Bill Credit for the returned items. Here's how:
Once done, we can link the deposit to the Bill Credit. I'll show you how:
For more details about the process, I'd suggest browsing this article: Record a Vendor Refund.
Lastly, please make sure you set up your items with enough information. The level of detail in your list will determine the preciseness of your job cost reports. To learn how, you can check out this article: Add, Edit, and Delete Products.
I'd be glad to assist you if you have further concerns about handling vendor refunds. This way, we'll be able to provide the help you need.
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