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Hello!
I have a retail client. usually I pay the vendor invoices after they have received delivery, to insure the delivered product matches the invoice and then the payment. however they had a new vendor who wanted payment upfront for the first delivery. so we sent a $5k payment, and posted corresponding invoice for $5k. there was an issue with the delivery though and we only received $4950 worth of product. the vendor then sent us a $50 check for the difference.
question is, how to I book or match the $50 deposit in the checking account with the $50 credit on the vendor account?
I have tried booking as a separate $50 vendor credit, booking as a -$50 line item on the original invoice, and just posting to "inventory" from the bank feed. none of these work :(
any tips or direction would be much appreciated !
Solved! Go to Solution.
Hi @lisabrubaker, don't worry I've got you covered for this.
Entering a refund from a vendor takes three connecting processes to record it successfully.
These are Enter a vendor credit, Deposit the money you got from the refund, and Use Pay bills to connect the bank deposit to the vendor credit.
I see that you already entered a separate $50 vendor credit. The next step is to perform the two processes.
Here's how:
Deposit the amount of refund you've got from the vendor
1 Click +New
2. In the Other column. select Bank deposit.
3. Select where you got the refund in the Account dropdown.
4. Add funds, fill out the following fields
5. Click Save and Close.
To connect the bank deposit to the vendor credit use Pay bills
(This is to keep the vendor expenses accurate)
Once done, you can check your vendor profile to verify if the refund is recorded successfully.
If you want to learn how to enter credit in recording your purchases, you can check this link: Handle vendor credits and refunds in QuickBooks Online.
For further clarifications about recording refunds from a vendor, feel free to reply to this post. Have a good one!
Hi @lisabrubaker, don't worry I've got you covered for this.
Entering a refund from a vendor takes three connecting processes to record it successfully.
These are Enter a vendor credit, Deposit the money you got from the refund, and Use Pay bills to connect the bank deposit to the vendor credit.
I see that you already entered a separate $50 vendor credit. The next step is to perform the two processes.
Here's how:
Deposit the amount of refund you've got from the vendor
1 Click +New
2. In the Other column. select Bank deposit.
3. Select where you got the refund in the Account dropdown.
4. Add funds, fill out the following fields
5. Click Save and Close.
To connect the bank deposit to the vendor credit use Pay bills
(This is to keep the vendor expenses accurate)
Once done, you can check your vendor profile to verify if the refund is recorded successfully.
If you want to learn how to enter credit in recording your purchases, you can check this link: Handle vendor credits and refunds in QuickBooks Online.
For further clarifications about recording refunds from a vendor, feel free to reply to this post. Have a good one!
thank you! all set now.
It's our pleasure to help, @lisa!
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