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Best answer February 24, 2023
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I've got you covered, @SB91. I'll share the steps to ensure you can match the vendor credit to the deposit transaction for returned ACH payment in QuickBooks Online (QBO).
You can match the vendor credit to the returned ACH payment by hitting Accounts Payable (A/P) when adding the deposit for the returned ACH in your bank feeds.
Let's start by entering a vendor credit to make sure the credit hits the expense account you use for this vendor. Here's how:
- Click the + New button, then select Vendor credit.
- Choose your vendor in the Vendor dropdown.
- Depending on how you record purchases with this vendor, enter the Category details or Item details.
- Once done, tap Save and close.
Then, since the deposit for the returned ACH is in the banking feed, we can add the transaction and ensure to select Accounts Payable (A/P) from the Category section and choose the correct vendor. See the sample screenshot below:
Lastly, use Pay Bills to connect the bank deposit to the vendor credit. Even though you aren’t paying a bill, this is the right thing to do as this last step is to keep your vendor expenses accurate. Here's how:
- Click the + New button, then select Pay bills.
- Select the bank deposit you just created. You’ll see the amount of the vendor credit in the Credit Applied field and the Total payment should be US $0.00.
- Tap Save and close.
Additionally, you'll want to check out this article for the detailed steps in case you need to review all your vendor transactions in QBO: View vendor transactions.
Feel free to add a reply below if you have other questions or concerns about your QBO account. The Community is always here to help. Have a wonderful day ahead!
I've got you covered, @SB91. I'll share the steps to ensure you can match the vendor credit to the deposit transaction for returned ACH payment in QuickBooks Online (QBO).
You can match the vendor credit to the returned ACH payment by hitting Accounts Payable (A/P) when adding the deposit for the returned ACH in your bank feeds.
Let's start by entering a vendor credit to make sure the credit hits the expense account you use for this vendor. Here's how:
- Click the + New button, then select Vendor credit.
- Choose your vendor in the Vendor dropdown.
- Depending on how you record purchases with this vendor, enter the Category details or Item details.
- Once done, tap Save and close.
Then, since the deposit for the returned ACH is in the banking feed, we can add the transaction and ensure to select Accounts Payable (A/P) from the Category section and choose the correct vendor. See the sample screenshot below:
Lastly, use Pay Bills to connect the bank deposit to the vendor credit. Even though you aren’t paying a bill, this is the right thing to do as this last step is to keep your vendor expenses accurate. Here's how:
- Click the + New button, then select Pay bills.
- Select the bank deposit you just created. You’ll see the amount of the vendor credit in the Credit Applied field and the Total payment should be US $0.00.
- Tap Save and close.
Additionally, you'll want to check out this article for the detailed steps in case you need to review all your vendor transactions in QBO: View vendor transactions.
Feel free to add a reply below if you have other questions or concerns about your QBO account. The Community is always here to help. Have a wonderful day ahead!
