cancel
Showing results for 
Search instead for 
Did you mean: 
mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

I have searched a lot on the topic of Refunds and none of the directions I am reading match up to my QuickBooks interface. I amusing a 2019 IPad Pro on the online quickbooks accounting software.

 

My issue is a common and simple one I think.

 

Amazon have refunded me for a purchase thus I have the amount I payed  deducted from my bank account and an identical amount that has been credited to the same account.

 

How do I reconcile this?

 

On Xero I simply made an account called reversed payments and transferred the original payment and the refund into this account which then totaled as Zero. Was a nice simple solution. But I dont seem to be able to create endless accounts in QuickBooks. So there must be a quickbooks way of dealing with it.........

 

 

..... but what is it????

Solved
Best answer April 19, 2021

Best Answers
CharleneMae_F
QuickBooks Team

How to reconcile a refund on a purchase my company made.

I'm here to ensure you're able to record the vendor credit, mrbenurwin-gmail.

 

One possible cause the Vendor Credit option is missing when recording the transactions could be you're using the Simple Start version. This feature is available in Plus and Advanced versions of QuickBooks.

 

To successfully record the vendor credit, we can create a bank deposit to offset the amount. Here's how:

 

  1. Go to the +New icon and then select Bank deposit.
  2. Choose the vendor in the Receive From drop-down menu.
  3. Fill out the rest of the required information.
  4. Click Save and new.

For further guidance, please check out this article: Record and Make Bank Deposits.

 

Aside from that, you can also upgrade your plan to access the Vendor Credit feature.

 

If you're using the Plus or Advanced version, let's access your account via a private browser. This is a good place to determine if there's an issue with the browser. 

 

Here are the keyboard shortcuts: 

  • Safari: Command + Shift + N 
  • Google Chrome: CTRL + Shift + N
  • Mozilla Firefox or Microsoft Edge: CTRL + Shift + P 

 

Once signed in, record the vendor credit, I'd suggest following the steps shared by my colleague to learn more. If it works, let's clear the cache of your browser. This helps remove its stored cache so QuickBooks will perform efficiently.

 

If private browsing doesn't work, I'd recommend using different browsers. They'll provide you the best and most secure experience with QuickBooks. For more details, see this article: System Requirements For QuickBooks.

 

I've also included our Reconcile Workflow in QuickBooks Online article. This will serve as a guide to ensure your accounts match with your bank statements.

 

Please visit me here again and keep me posted on your progress in recording your vendor credit. It's my top priority to help you succeed.

View solution in original post

9 Comments 9
Ryan_M
QuickBooks Team

How to reconcile a refund on a purchase my company made.

Hi @mrbenurwin-gmail,

 

I'll walk you through the steps on how you can record a refund for your company's expense in QuickBooks Online (QBO).

 

The first thing you need to do is record a vendor credit. This ensures the credit hits the correct expense account you use for this vendor. 

 

Here's how:

 

  1. Click + New menu.
  2. Select Vendor credit.
  3. Choose the correct vendor from the Vendor drop-down menu.
  4. Depending on how you recorded the purchase in question, enter the Category details or Item details.
  5. Press Save and close.

See this article to continue this process: Enter a refund from a vendor. Scroll down to Step 2: Deposit the money you got from the refund to proceed.

 

On the other hand, if you need to record customer refunds, check out this article: Record a customer refund in QuickBooks Online.

 

Feel free to tap the Reply button and place a comment below if you have other questions about recording refunds in QBO. I'll get back to you as soon as I can. 

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Yes this is my issues I can not see “Vendor Credit” after I click on New.

 

 

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Yes this is my issue there is no “Vendor Credit” option.

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Quick books, please could I get a reply to this I need to get on.

CharleneMae_F
QuickBooks Team

How to reconcile a refund on a purchase my company made.

I'm here to ensure you're able to record the vendor credit, mrbenurwin-gmail.

 

One possible cause the Vendor Credit option is missing when recording the transactions could be you're using the Simple Start version. This feature is available in Plus and Advanced versions of QuickBooks.

 

To successfully record the vendor credit, we can create a bank deposit to offset the amount. Here's how:

 

  1. Go to the +New icon and then select Bank deposit.
  2. Choose the vendor in the Receive From drop-down menu.
  3. Fill out the rest of the required information.
  4. Click Save and new.

For further guidance, please check out this article: Record and Make Bank Deposits.

 

Aside from that, you can also upgrade your plan to access the Vendor Credit feature.

 

If you're using the Plus or Advanced version, let's access your account via a private browser. This is a good place to determine if there's an issue with the browser. 

 

Here are the keyboard shortcuts: 

  • Safari: Command + Shift + N 
  • Google Chrome: CTRL + Shift + N
  • Mozilla Firefox or Microsoft Edge: CTRL + Shift + P 

 

Once signed in, record the vendor credit, I'd suggest following the steps shared by my colleague to learn more. If it works, let's clear the cache of your browser. This helps remove its stored cache so QuickBooks will perform efficiently.

 

If private browsing doesn't work, I'd recommend using different browsers. They'll provide you the best and most secure experience with QuickBooks. For more details, see this article: System Requirements For QuickBooks.

 

I've also included our Reconcile Workflow in QuickBooks Online article. This will serve as a guide to ensure your accounts match with your bank statements.

 

Please visit me here again and keep me posted on your progress in recording your vendor credit. It's my top priority to help you succeed.

View solution in original post

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Hi,

I am in the process of contacting my accountant to see what version of QuickBooks I have.

 

I have followed the steps you have said and then expected that I would then be able to reconcile the transaction but the refund did not turn green. How do I now match this transaction in my account to the Bank Deposit I have created? 

 

Also how so I see the list of bank deposits I have created (in the case that I make a mistake so I can edit it)

 

Thanks

 

Ben

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Hi dont worry I go it now......

...... For anyone else reading this topic a green reconciled option does not appear. You have to click on the transaction and then match.

 

Thanks QuickBooks.

mrbenurwin-gmail
Level 2

How to reconcile a refund on a purchase my company made.

Hi OK, 

 

I just tried to do this for my Euro account and “Match” id not available under each transaction in the Euro account.

 

I am able to make the Bank Deposit relative to the Euro account but when I am in my euro account I dont have the option to match it.

 

Thanks

 

ben

MaryJoyD
QuickBooks Team

How to reconcile a refund on a purchase my company made.

Let me share additional information about the Find Match option within the Banking page, @mrbenurwin-gmail.

 

The feature to Find a match for a foreign bank account is currently unavailable. That would be a great addition to the current features that we have, so I’ll be sure to take note of it. It’ll only find a match if it’s using your home currency.

 

For now, I suggest checking out our QuickBooks Blog for updates on the program. 

 

Here’s everything that you need to know about matching your transactions: Categorize and match online bank transactions in QuickBooks Online.

 

To learn more about receiving or paying payments, exchange rates, and foreign currency account using the multicurrency feature in QuickBooks, refer to this article: About Multicurrency

 

Please leave a reply below if you need further assistance with your bank transactions. I’ll be around to help. Have a great rest of the 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