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:
- Go to the Banking menu and then select Make Deposits.
- If the Payments to Deposit window appears, select OK.
- In the Make Deposits window, select the Received from drop-down menu and choose the vendor.
- In the From Account drop-down menu, select the appropriate Accounts Payable account.
- Enter the actual amount.
- Select Save & Close.
Then, let's record a Bill Credit for the returned items. Here's how:
- Go to the Vendors menu and then select Enter Bills.
- Select the Credit radio button to account for the return of goods.
- Enter the vendor's name.
- Select the Items Tab.
- Enter the returned items with the same amounts as the refund check.
- Add the other information.
- Select Save & Close.
Once done, we can link the deposit to the Bill Credit. I'll show you how:
- From the Vendors menu, select Pay Bills.
- Choose the deposit that matches the vendor check amount.
- Select Set Credits and apply the Bill Credit you created earlier.
- Click Done.
- After that, click Pay Selected Bills, then select Done.
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.