cancel
Showing results for 
Search instead for 
Did you mean: 
GoodJuju85
Level 3

Fraud - Vendor Payment got Stolen

Help!

 

We paid a VENDOR (subcontractor) and the payment was stolen. The payment in question was wired and cleared from our bank.  The owner of the project (CUSTOMER) got involved and paid the vendor directly for the bill.

We now have a bill recorded in QB showing as paid (original payment).

I need to record the following:

-Stolen payment;

-Cancel original bill amount since Customer took over the bill;

-Decrease Customer balance;

-Record a recovery payment of 1/3 of payment.

Can someone please help me with that? I don't even know where to start.

Solved
Best answer August 19, 2021

Best Answers
Rustler
Level 15

Fraud - Vendor Payment got Stolen

You can not cancel the original bill, that will change the expense you noted on it, but it will also leave a vendor credit (the payment you made)

 

Issue a customer credit in that amount and use a service item you create which links/posts to the same expense account as the bill. That will cancel out the expense noted on the bill in that account.

 

Show a deposit in the amount of the recovery and use other income as the source account for the deposit

View solution in original post

5 Comments 5
BigRedConsulting
Community Champion

Fraud - Vendor Payment got Stolen

@GoodJuju85 

RE: The payment in question was wired and cleared from our bank. 

 

How can a wired amount sent from your bank to your vendor's bank be stolen?

 

Or, put another way, your bank will have confirmation of receipt of the wired money to your vendor's bank/account. It seems that's enough.  If, after you wired the money, some bad actor stole it, that's your vendor's problem.

Rustler
Level 15

Fraud - Vendor Payment got Stolen

You can not cancel the original bill, that will change the expense you noted on it, but it will also leave a vendor credit (the payment you made)

 

Issue a customer credit in that amount and use a service item you create which links/posts to the same expense account as the bill. That will cancel out the expense noted on the bill in that account.

 

Show a deposit in the amount of the recovery and use other income as the source account for the deposit

GoodJuju85
Level 3

Fraud - Vendor Payment got Stolen

@Rustler Thank you so much for taking the time to write a potential solution! That sounds about right.

When you mention, "use a service item you create", how do I do that?

I appreciate the help since I am new to the QB world.

Rustler
Level 15

Fraud - Vendor Payment got Stolen

open products and services, click new, select service and select the income account it should post to

GoodJuju85
Level 3

Fraud - Vendor Payment got Stolen

That's right. I realized what you meant after I posted the last message.

 

Thank you so much for all your help through this! Have a great day!

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up