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aclark7seas
Level 1

Entering Returned Security Deposit

Hello. When we moved into our first building, we recorded the security deposit and first months rent on the same line and bill. We recorded this under "Enter Bills" and then continued on with the transaction. Now, we recently moved to a new building and received a refund check for our security deposit from the first building. How would we record this check?

1 Comment 1
Anna S
QuickBooks Team

Entering Returned Security Deposit

Hello, @aclark7seas.

 

Thanks for joining the Community. I'm here to help you record your refund check from your vendor in QuickBooks Desktop.

 

First, you'll need to record the Deposit of the vendor check (the refund check). The steps below will show you how:

 

  1. Navigate to the Banking tab and push Make Deposits.
  2. If the Payments to Deposit window appears, choose OK.
  3. In the Make Deposits window, select the Received from the drop-down and pick the vendor who sent the refund.
  4. Click the appropriate Accounts Payable account in the From Account drop-down.
  5. Enter the actual amount of the Vendor check in the Amount column.
  6. Press Save & Close

 

Next, you can record a Bill Credit for the refunded amount:

 

  1. From the Vendors menu, hit Enter Bills.
  2. Choose the Credit ratio button to account for the return of goods.
  3. Type the Vendor name.
  4. Select the Expenses tab, then enter the Accounts on the original bill.
  5. In the Account column, enter the appropriate amount for each account (some accounts may have to be prorated).
  6. Press Save and close.

 

Lastly, you'll want to link the Deposit to the Bill Credit. Here's how:

 

  1. Go to the Vendors menu, and click Pay Bills.
  2. Check the Deposit that matches the Vendor check amount.
  3. Pick Set Credit, apply the Bill Credit you created earlier, and then hit Done.
  4. Select Pay Selected Bills and push Done.

 

Now you have your refund check recorded. You can check out this article for more information: Record a vendor refund in QuickBooks Desktop.

 

I'm only a few clicks away should you have any other questions. Best wishes!

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