I received a bill from a vendor and paid it from our business checking account. Later, the vendor determined that they over charged us and sent us a refund check for apportion of the bill. How do I apply this credit against a bill that has already been paid and deposited? Thanks for your help!
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A completely paid bill can't have anything else applied to it. Instead enter a bill credit and deposit the refund, using the AP account on the deposit. Then use Pay Bills to link the two together.
Our company has paid a vendor's bill in full. A tenant has reimbursed us for a portion of it, as agreed. Where to I put the tenant's reimbursement?
Hello there, @judy2learn.
I want to make sure you’re able to record the refund you’ve received from your vendors in QuickBooks Desktop. Let’s get started!
Since you’ve fully paid the bill, you’ll only need to record the reimbursement made by your tenants as Deposit. Just make sure to select the same Accounts Payable account from the chart of accounts that you use in paying the bill.
That should do it! Feel free to click the Reply button if you have other questions about recording your reimbursements. I’m always here to help.
usually the vendor should send you a credit memo, you should enter it, and when you record the dep assign the AP account and by name assign the vendors name then in pay bills it will give you the option to apply the CM to the payment like if it was a bill so it will balance out
Thanks for the information. Our tenant included the reimbursement in their rent check for January, which has been deposited at the bank. When I received that check on 1/4/19, I "split" it, posting rent to the appropriate acct but depositing the entire check. The balance that they are paying towards the vendor's work is kind of sitting in limbo. Because the entire check has been deposited, is it okay for me to use your method to record this pmt? The check register shows the full check amount.
I'd like to add to this discussion and provide additional insight regarding this matter.
As my colleague mentioned, you can record the reimbursement received from your tenant as a deposit. Although, in this scenario, you'll want to reflect this in the Expense account used on the vendor's bill instead.
With this, you won't have a balance for the vendor sitting in limbo. In fact, the bill should already be paid in full.
Overall, I would recommend that you follow the exact steps that you did when you paid the bill and received the reimbursement from the tenant. Also, I can see that you already have a grasp on how to record this, but just in case, let me provide you with these helpful articles:
Please be sure to reach out to an accounting consultant to ensure this method is the best suit for your business. With Intuit's Find-A-ProAdvisor site, you can search for certified professionals in proximity to your ZIP code that can discuss options more personal to your business's needs.
Please don't hesitate to reach out to me again if there's anything else I can help you with. Thanks for dropping by, wishing you and your business all the best!