cancel
Showing results for 
Search instead for 
Did you mean: 
Level 4

Vendor refund

Hello,

We bought some office supplies for our company with our primary debit business card. We decided to returned some of the items. Now in our bank statements -Deposits we are seeing this return transaction of $16.13. I already have the vendor set-up in quickbooks. 

 

Not sure how to enter this Refund., If I should enter it trhue the RECORD DEPOSIT -recieved from -from account OR do I enter this transaction thru the ENTER CREDIT CARD CHARGES and select REFUND/CREDIT? 

 

pls advice. Thanks

Solved
Best answer 05-29-2019

Accepted Solutions
Moderator

Re: Vendor refund

You're absolutely right, @Eve2019!

 

You'll have to select your expense account when recording the refund from your vendor. I'll be glad to help you accomplish this.

 

To start with, recording a vendor refund when there's no quantity involve is simply to record it as a deposit.

 

From there, select your bank account and your expense account. Thus, the steps you've outlined are correct.

 

In addition, I'll be adding a screenshot below for your visual reference.

 

Capture59.PNG

 

As always, you can visit our Help Articles page for QuickBooks Desktop if in case you need to learn some "How do I" steps.

 

It'll be always my pleasure to help if you have any other questions. I'll be keeping an eye for your response.

View solution in original post

5 Comments
QuickBooks Team

Re: Vendor refund

Hello there, @Eve2019,

 

I'd be glad to clear things out so you can record the refund deposited on your bank statement.

 

If there are no quantity on hand involved, then you can create a bank deposit. This is to record the amount refunded by your vendor.

 

Otherwise, you'll need to create a bill credit, then deposit the refund using Accounts Payable. This way, you'll be able to link the deposit and bill credit when you pay bills.

 

Let me guide you through on how to accomplish this:

 

Step 1: Create a bill credit.

  1. Go to your Vendors menu, then select Enter Bills.
  2. On the Enter Bills window, select Credit.
  3. Select the Vendor whom you received the refund.
  4. Complete credit details on your table.
    enterbill.PNG
  5. Click Save & Close.

Step 2: Create a bank deposit:

  1. Go to your Banking menu, then select Make Deposits.
  2. Select the Vendor from the Received from field.
  3. Select Accounts Payable from the From Account field.
    bankdeposit.PNG
  4. Click Save & Close.

Steps 3: Use Pay bills to link the deposit and the credit

  1. Go to your Vendors menu, then select Pay Bills.
  2. Select the deposit, then click Set Credits.
    linkcreditandbankdeposit.PNG
  3. Choose the credit, then click Done to close the Apply Credits window.
    applycredits.PNG
  4. Click Pay Selected Bills.

Should you have follow-up questions, please let me know and I'll get back to you.

Level 4

Re: Vendor refund

Hello MaryLandT,

 

Yes, there is no quantity on hand involved. It just an office supply store we purchase office supplies from and returned one item.  With this been said should I skip to step 2? 

 

Create a bank deposit:

  1. Go to your Banking menu, then select Make Deposits
  2. Select the Vendor from the Received from field.       In the drop down menu From Account  I should selected office supplies -expense account that I already have set up  
  3. Then just enter the amount that was refund from vendor

Am I correct ?

 

Thank you

Moderator

Re: Vendor refund

You're absolutely right, @Eve2019!

 

You'll have to select your expense account when recording the refund from your vendor. I'll be glad to help you accomplish this.

 

To start with, recording a vendor refund when there's no quantity involve is simply to record it as a deposit.

 

From there, select your bank account and your expense account. Thus, the steps you've outlined are correct.

 

In addition, I'll be adding a screenshot below for your visual reference.

 

Capture59.PNG

 

As always, you can visit our Help Articles page for QuickBooks Desktop if in case you need to learn some "How do I" steps.

 

It'll be always my pleasure to help if you have any other questions. I'll be keeping an eye for your response.

View solution in original post

Highlighted
Level 4

Re: Vendor refund

Thank you...

 

I was wondering if you can please help me on how to enter CREDIT CARD transaction.

 

Every month I recieve my bank statements of my credit cards. I'm ready to enter these transaction in QB I have multiple expense account already set up. I just cant remember if I entered these in the ENTER CREDIT CARD CHARGES (this will open up a window that looks like a check) then select PURCHASE/CHARGE.

-Please let me know if I'm correct.

 

I just need to try to  enter these transaction every month, so that I remember. Instead of waiting three or more months to reconcile and forget.

 

Thank you

Moderator

Re: Vendor refund

Hi Eve2019,

 

You're correct. You're able to enter credit card transactions to track purchases through the Enter Credit Card Charges window.

 

To record a charge, please follow these steps:

  1. Go to Banking and choose Enter Credit Card Charges.
  2. Choose a credit card account and mark to select the Purchase/Charge radio button.
  3. Select a vendor in the Purchased From drop down and set the date.
  4. In the Expense tab, select an account and enter the amount.
  5. Once you're done, click on Save & Close.

I've attached some screenshots to help you with the process.

 

1.1.PNG

 

1.2.PNG

For further reference, you can also check out these articles:

That should do it. Let me know if you have any concerns. I'll be around to help.

Need to get in touch?

Contact us