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Refundable deposit for Tool

I bought some auto parts for my work truck. One of the things was a tool that the deposit is refundable 100%  when I bring the tool back. I also bought other tools on the same bill. How do I handle the refundable item?

 

Solved
Best answer a month ago

Accepted Solutions
QuickBooks Team

Re: Refundable deposit for Tool

You can record a vendor refund, The_tile_setters. This will help you handle the refundable item properly. I'll guide you all along. 

 

First, you'll have to record a deposit for the refund check. Here's how:

  1. Click Banking, then select Make Deposits.
  2. Click the Deposit To drop-down arrow, then select the bank account.
  3. Under RECEIVED FROM, select the vendor.
  4. Under FROM ACCOUNT, select Accounts Payable.
  5. Enter the refund amount in the AMOUNT field.
  6. Click Save & Close.

Next, record a bill credit for the returned item. Here's how:

  1. Click Vendors, then select Enter Bills.
  2. Select the Credit radio button.
  3. Select the vendor name.
  4. Enter the returned item with the same amount as the refund check.
  5. Click Save & Close.

Lastly, link the deposit to the bill credit. Here's how:

  1. Click Vendors, then select Pay Bills.
  2. Select the deposit, then click Set Credits.
  3. In the Apply Credits window, select the credit created earlier.
  4. Click Done, then select Pay Select Bills

I'd like to share a reference about recording a vendor refund to better guide you. 

 

Please know that we're just around if you need our help. 

1 Comment
QuickBooks Team

Re: Refundable deposit for Tool

You can record a vendor refund, The_tile_setters. This will help you handle the refundable item properly. I'll guide you all along. 

 

First, you'll have to record a deposit for the refund check. Here's how:

  1. Click Banking, then select Make Deposits.
  2. Click the Deposit To drop-down arrow, then select the bank account.
  3. Under RECEIVED FROM, select the vendor.
  4. Under FROM ACCOUNT, select Accounts Payable.
  5. Enter the refund amount in the AMOUNT field.
  6. Click Save & Close.

Next, record a bill credit for the returned item. Here's how:

  1. Click Vendors, then select Enter Bills.
  2. Select the Credit radio button.
  3. Select the vendor name.
  4. Enter the returned item with the same amount as the refund check.
  5. Click Save & Close.

Lastly, link the deposit to the bill credit. Here's how:

  1. Click Vendors, then select Pay Bills.
  2. Select the deposit, then click Set Credits.
  3. In the Apply Credits window, select the credit created earlier.
  4. Click Done, then select Pay Select Bills

I'd like to share a reference about recording a vendor refund to better guide you. 

 

Please know that we're just around if you need our help.