Let me guide you on how you can enter some of the claims from your vendors and customers, Murt72.
After you've entered the transactions either on a bill or invoice, you can record a refund if there's a need to enter a claim due to any quality issues. However, entering the refund depends on how you record the purchase. To enter a vendor credit, follow the steps below:
- Select + New.
- Select Vendor credit or Receive vendor credit.
- In the Vendor dropdown, select your vendor.
- Depending on how you record purchases with this vendor, enter the Category details or Item details. Usually, this is the category, product, or service you’re getting a credit for.
- Select Save and close.
Once done, deposit the money you got from the refund. Here's how:
- Select + New.
- Select Bank deposit.
- In the Account dropdown menu, select the account where you got the refund.
- In the Add funds to this deposit section, fill out the following fields.
- Received from: Select the vendor who gave you a refund.
- Account: Select Accounts Payable. Important: You need to pick Accounts Payable so you can tie the refund to the vendor credit. This may seem a little strange, but it’s the best way to do this.
- Payment method: Enter the method your vendor used to refund you.
- Amount: Enter the amount of your refund.
- Select Save and close.
Then, use Pay Bills to connect the bank deposit to the vendor credit to keep your vendor expenses accurate.
- Select + New.
- Select Pay bills.
- Select the bank deposit you just created. You’ll see the amount of the vendor credit in the Credit Applied field. The Total payment should be $0.00.
- Select Save and close.
On the other hand, if there's a need to record a customer refund, I've added this article that contains different kinds of scenarios on how to record the refunds: Record A Customer Refund In QuickBooks Online.
Furthermore, learn how QuickBooks downloads the latest bank transactions. For more information on how to categorize them, go through this article for your guide: Categorize And Match Online Bank Transactions In QuickBooks Online.
Get back to us if there's anything else that you need help with regarding claims. We're here to help you anytime.
