To resolve this and ensure the bank reconciliations for August and September align, update the August bill payment to reflect the full amount paid, eiuasa93. Let me guide you through the process.
First, you can update the August bill payment to reflect the full amount sent to the vendor, including the $12,000 overpayment. This will create a vendor credit for the overpayment. Here's how:
- Navigate to Vendors, click Vendor Center, and locate the vendor.
- Find the August bill payment and open it.
- Edit the payment amount to reflect the total amount actually sent(original payment + $12,000).
- Click Save and close.
Then, record the September refund as a deposit to Accounts Payable and apply the credit to the deposit through "Pay Bills" to ensure QuickBooks aligns with the bank statements for both months. Here's how:
- Go to the Banking menu and select Make Deposits.
- In the Received From field, select the vendor who sent the refund.
- In the From Account field, choose Accounts Payable (this is critical as it offsets the $12,000 credit in the vendor’s account).
- Enter the refund amount ($12,000) and the deposit date (as per your bank statement in September).
- Click Save and close.
Lastly, apply the credit to the deposit through "Pay Bills" to ensure QuickBooks aligns with the bank statements. Here's how:
- Go to Vendors > Pay Bills.
- Select the vendor’s account.
- Click Set Credit.
- In the Discount and Credits window, choose the credit you want to use and click Done.
- Click Pay Selected Bills to finalize the payment with the credit applied.
When finished, proceed with reconciliation to ensure QuickBooks matches the bank statements for August and September.
If you have any additional questions, please don't hesitate to reply. We're here to help.
