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markatmakinity
Level 2

supplier credit

I have a supplier payment that was returned by the bank. The payment was made to supplier for $57,960 USD. The returned funds were for $57,926.06 and so I have a difference of $33.94 that I need to reflect in QBO. I think the easiest thing to do is to write off to Bad Debt.

Please help me with specific step by step instructions. I know about supplier credits and how to create. I know about Bad Debt and have already set up account and Non-inventory Item.

Thank you.

Solved
Best answer March 05, 2021

Best Answers
Rustler
Level 15

supplier credit

That difference is not bad debt, it is a bank fee for the returned payment.  And it is not a supplier credit.

 

Make a deposit for the full amount, 57,960, then on the next line select the bank fee expense account and enter a negative 33.94 (-33.94)
save the deposit

View solution in original post

3 Comments 3
Rustler
Level 15

supplier credit

That difference is not bad debt, it is a bank fee for the returned payment.  And it is not a supplier credit.

 

Make a deposit for the full amount, 57,960, then on the next line select the bank fee expense account and enter a negative 33.94 (-33.94)
save the deposit

View solution in original post

markatmakinity
Level 2

supplier credit

Hello,

 

 

Thank you

markatmakinity
Level 2

supplier credit

I tried the solution provided. It did work. Apologies for not trying first before reply. Humbly grateful for your help...

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