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Community Contributor **

Deposit credit to bank

Hi,

One of my vendors charges our account upon purchase of goods.  We had a customer that decided they didn't want the product a week later and the product was refused.

I have a credit, but I can't apply it to the invoice since it has already been paid.  The vendor deposited the money back into the bank account.  I'm not sure how to record this so that it shows the deposit back to the bank.

Solved
Best answer 07-10-2019

Accepted Solutions
Community Contributor **

Re: Deposit credit to bank

Thank you for the link!  This was extra help to the information/directions from you.

2 Comments
QuickBooks Team

Re: Deposit credit to bank

Hi carefreeemb,

 

You can create a vendor credit and apply in your bank deposit. Let me guide you through how.

 

First, you'll want to make sure you've enabled the use credits automatically setting. Here's how:

  1. Click Edit, Preferences.
  2. Click the Bills tab. Then, click the Company Preferences tab.
  3. Mark the Automatically use credits box under Paying Bills.
  4. Click OK.

Then, follow these steps to create a vendor credit:

  1. Click Vendors at the top.
  2. Click Enter Bills. Then, click the Credit radio-button.
  3. Enter the credit information.
  4. Click Save & Close.

Once done, you can create a bank deposit to apply the credit.

  1. Go to Banking, then Make Deposits.
  2. Click the vendor's name under Received From section, select Accounts Payable under From Account.
  3. Memo is optional, then enter the Amount.
  4. Click Save & Close.

Feel free to read this article for more information about: Record a vendor refund in QuickBooks Desktop.

 

Lastly, here's an article you can read for future reference: Income and expenses for QuickBooks Desktop.

 

Please leave a comment below if you have other questions.

Community Contributor **

Re: Deposit credit to bank

Thank you for the link!  This was extra help to the information/directions from you.