cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Enter a Refunded Wire Transfer

We mad a wire transfer for $25k that posted to the bank. That transaction was then added to QB using the "update" feature. Then we used the reconciliation feature for that account to record it to a vendor directly as an expense. Several days later, that wire was returned and posted to the bank. We again, added that transaction to QB using the "update" feature.

 

Now, we'd like to add the transaction so that it is 1) cleared from the reconciliation, 2) added as a credit to the vendor's balance, 3) and show correctly on the P&L

 

After watching videos, reading posts, and trying different methods for over an hour... nothing has worked.

 

How do you we do this?

5 Comments
Highlighted
Moderator

Enter a Refunded Wire Transfer

Welcome to the Community, ptownbro985.

 

I'd be glad to provide you  some insights about entering a refunded wire transfer in QuickBooks Online. We'll need to create a Bank Deposit and post the amount to your Accounts Payable it will raise the balance for that vendor back up by the amount that was returned. The steps are super easy.

 

Here's how:

 

  1. Click on the + New button and choose Bank Deposit.
  2. Select the correct bank account.
  3. In the Add funds to this deposit table, enter the vendor’s name.
  4. In the Account section, make sure to select Accounts Payable.
  5. Fill in the necessary fields.
  6. Enter the amount in the Amount section.
  7. Click on Save and close.

Once done, it will show that the vendor still owes the amount. 

 

I have here an article that contains information about reconciling an account in QBO for your guide: Reconcile an account in QuickBooks Online

 

Tag me directly if there's anything else I can do to help.

Highlighted
Level 2

Enter a Refunded Wire Transfer

Thanks for the reply, but that didn't work in any way.

1. The banking transaction is still in bank account's "For Review" listing to reconcile

2. The P&L is not correct. It does not apply a credit to remove the original wire that directly expensed.

3. The vendor now shows that $25k is due which not correct.

 

The desired result should be

1. The banking transaction should be cleared from the "For Review" listing.

2. The P&L should be credited by $25k 

3. The vendor should not show a balance due.

 

 

 

Highlighted
QuickBooks Team

Enter a Refunded Wire Transfer

Hi ptownbro985,

 

I'd like to jump in and help you record the returned money.

 

When you categorize the returned wire transfer, you'll want to select the expense account you used when you recorded the expense transaction. This will reduce the balance of the expense account in your P&L, and this will not affect anything to the vendor's profile since this is a cash-in entry.

 

Please give it a try and let me know how it works for you.

Highlighted
Level 2

Enter a Refunded Wire Transfer

This removes it from the banking reconciliation and the P&L is correct. However, as you said the vendor detail is not changing, which is incorrect. The vendor detail needs to change as well to show that the original expense amount is not truly there.

 

How do we do this correctly so that all items are achieved?

 

Highlighted
QuickBooks Team

Enter a Refunded Wire Transfer

Allow me to join this thread, @ptownbro985.


To fix the vendor's detail, you can create Credit Card Credit in QuickBooks Online. Then, you can match this to your bank transaction.


Here are the steps:

 

  1. Click the +New icon and choose Credit Card Credit under Vendors.
  2. Select the vendor from the Payee dropdown list.
  3. Select the credit card from the Bank/Credit account dropdown list.
  4. Use the Account details section when returning a purchased “Expense” like plane tickets.
    -This entry should match the original entry when you created the expense to balance properly.
  5. Click to Save and close.


You can visit our help article to learn more about organizing your QuickBooks account. This contains banking, reports, and accounting topics that are surely help's your daily exploration.


Get back to me if there's anything else I can do to help.            

Need to get in touch?

Contact us