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BlueZoneBookkeeper
Level 1

How do I enter an ACH rebate check?

What account should I use as the from account when entering an ACH rebate deposit?

2 Comments
gayatriluthfias20
Level 6

How do I enter an ACH rebate check?

Hi @BlueZoneBookkeeper , 

you're concern about handling your ACH refund.

First off, let's enter a vendor credit to make sure it will hit the expense account you use for this vendor. Then, let's deposit the money you got from a refund. Here's how: 

 

  1. Click the + New tab from the left menu. 
  2. Choose Vendor Credit.
  3. In the Vendor drop-down menu, select a vendor.
  4. Enter the Category details or Item details as to how you record purchases with this vendor. 
  5. Click Save and close.

(If you had recorded the expense, just go to record refund).

Once done, follow these steps below to deposit the refund:

 

  1. Click the + New tab from the left menu. 
  2. Choose the Bank Deposit.
  3. In the Account drop-down menu, pick the account where you got the refund.
  4. In the Add funds to this deposit section, fill out the following fields: 
  • Received from: Choose the vendor who gave you a refund.
  • Account: Select Accounts Payable. Pick the A/P account to link the refund to the vendor credit.
  • Payment method: Enter ACH. 
  • Amount: Enter the amount of your refund.

         5. Click Save and close.

 

To keep your vendor expenses accurate, use Pay Bills to connect the bank deposit to the vendor credit. Here's how: 

 

  1. Go to the + New tab from the left menu.
  2. Choose Pay Bills.
  3. Select the bank deposit you've just created. You’ll see the amount of the vendor credit in the Credit Applied field. The Total payment should be $0.00.
  4. Select Save and close.

 

Concerning to your reconciliation, you can remove the filter from the reconciliation window so you can choose which period you want the transaction to post. I'd suggest consulting with your accountant to make sure your books are correct. Comment back, cheers.

vpcontroller
Level 11

How do I enter an ACH rebate check?


@BlueZoneBookkeeper wrote:

What account should I use as the from account when entering an ACH rebate deposit?


@BlueZoneBookkeeper 

 

"Other Income" account type

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