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Level 1

vendor refund

My client paid his insurance company with a credit card.  There was a refund for over payment but it was refunded to the bank account NOT the cc.  How do i enter this in quickbooks?

3 Comments
Moderator

vendor refund

I'll help you with recording a vendor refund, jcs88.

 

You'll want to create a journal entry for this. I would also recommend consulting an accounting professionals before trying these steps. This is to ensure that the details are entered correctly and this is also to avoid messing up your books.

 

To create a journal entry:

  1. Select + New.
  2. Select Journal Entry.
  3. Fill out the fields to create your journal entry.
  4. Select Save and close.

Please check this article for more information: Create a journal entry in QuickBooks Online

 

Let me know if you have any questions. I’ll be here to help. Have a good one!

Level 1

vendor refund

What should I be entering in the account field, debit field and credit field?  amount of refund is $270 deposited to business checking account but paid with business cc account.

QuickBooks Team

vendor refund

When filling in the right information in the account, debit, and credit fields of your journal entry, I'd recommend consulting your accountant, @jcs88. This is to ensure your books are accurate and record the refund amount accordingly.

 

In QuickBooks Online (QBO), entering a vendor refund depends on how the payment to the insurance company is recorded. However, the ideal way to record the said transaction is the following:

  1. Enter a vendor credit.

  2. Deposit the money you got from the refund.

  3. Use Pay Bills to connect the bank deposit to the vendor credit.

 

To enter a vendor credit, here's how:

  1. Go to the + New button.
  2. Select Vendor credit.
  3. In the Vendor drop-down, select your vendor.
  4. Enter the Category details
  5. Select Save and close.

 

I've attached screenshots below for your reference.

 

After that, you'll have to perform Steps 2 - 3 in this article: Enter a refund from a vendor. In step 2, make sure to select the appropriate bank account in which the refund got deposited.

 

Once done, you can match and categorize the transactions created above with your bank feeds. Then, I'd recommend reconciling your accounts by the end of the month. This is to make sure your entries in QuickBooks matched with your real-life bank transactions. For the detailed steps, kindly refer to this article: Reconcile an account in QuickBooks Online.

 

Please let me know if you have other concerns. I'm just around to help. Take care always.

 

 

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