Refunds

@Aaron1979 

Why can't you just create a credit card credit and assign your inventory asset account to the credit?  Go to New > Vendors > Credit Card Credit.  Choose the vendor under 'Payee' and under 'Category details' select your inventory asset account and the amount of the refund.  That should allow you to match the bank feed, reduce the amount spent with the vendor and reduce your inventory asset value.

I appreciate you providing us the further details about your concern with recording a partial vendor refund, @Aaron1979. I'm here to get the help you need.

I actually agree with Rainflurry's suggestion of creating a Credit Card Credit transaction to enter the refund in QuickBooks. Additionally, you'll have to ensure that you select your Inventory Asset account and enter the amount of the refund. I suggest consulting your accountant about the type of account to use or other possible options. To enter the credit, follow these:

1. Click on + New.
2. Choose Credit card credit.
3. From the Payee field, pick the right vendor.
4. Locate the appropriate inventory asset account from the Bank/Credit Account drop-down menu.
5. Navigate the Category details.
6. Choose the account that you have for your cash back rewards whether expense/income account as you see fit.
   Please note Kindly review How to create a new parent account or subaccount to create an account to track your cashback rewards, if you don't have one yet.
7. Fill in the other needed information such as the refund amount.
8. Click on Save and close.

There you go! That should allow you now to match transactions from your bank feed.

 
For future use, I'll also add these modules about keeping track of vendor transactions in QBO:

• Run vendor reports in QuickBooks Online
• Customize reports in QuickBooks Online

Please keep in touch by leaving a reply below. We're here to assist if you have other concerns managing refunds or QuickBooks in general. Keep safe!