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theta-innovation
Level 1

Business purchase with business card under expense. Returned item. Transaction back on the card which reflected a "deposit" on the bank ledger. How to track on QB?

 
2 Comments
Adrian_A
Moderator

Business purchase with business card under expense. Returned item. Transaction back on the card which reflected a "deposit" on the bank ledger. How to track on QB?

We'll need to create a vendor credit to record the returned item, theta-innovation.

 

Afterward, you'll have to create a bank deposit. This is to record the transactions that reflected on your bank ledger. I'll show you how:

 

Please follow these steps to record a vendor credit:

 

  1. Click the Create (+) icon, and then select Vendor Credit.
  2. Select a Vendor name.
  3. In the Item details section, select the product you've returned.
  4. Enter the QTY, RATE, and AMOUNT.
  5. Click Save and close.

 

Then, here's how to create a bank deposit:

 

  1. From the Create (+) icon, select Bank Deposit.
  2. Select the account you've used for the purchased.
  3. Select your business card on the RECEIVED FROM field, under the Add funds to this deposit section.
  4. Select an accounts payable in the ACCOUNT field.
  5. Enter the AMOUNT of the item.
  6. Click Save and close.

 

Afterward, you'll need to link the vendor credit and the deposit. You can do this by paying a bill. Here's how:

 

  1. Go to the Create (+) icon, and then select Pay Bills.
  2. Select your business account.
  3. Select a PAYEE. (the CREDIT APPLIED will auto populate)
  4. Make sure that under the PAYMENT column is zero.
  5. Click Save and close.

There you have it. I'll be right here if you still need my help.

MarshallA
Intuit

Business purchase with business card under expense. Returned item. Transaction back on the card which reflected a "deposit" on the bank ledger. How to track on QB?

Hello,

 

If in the credit card register in QB it shows as a deposit, then select the same business expense you originally used when you charged the credit card for the original expense.  That will offset the same expense account.

 

Example.

 

Original Expense

11/25/2019

$100.00 charged to business credit card

Expense Account: Business Supplies

 

Return

12/2/2019

$100.00 deposited back on business credit card

Expense Account: Business Supplies

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