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hsow.gail
Level 1

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

Cr memos zero out a/r acct, but still has a cr balance. If I post a dep to the bank, can I offset the vendor account?
Solved
Best answer January 14, 2020

Best Answers
Catherine_B
QuickBooks Team

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

We can delete the credit memo and deposit the refund instead, hsow.gail.

 

Credit memos are used in recording the customer’s payments more than what they owe. Instead of recording a credit memo, you can enter a vendor credit to offset their balance.

 

Let me show you how to enter a refund from a vendor. First, create a Vendor Credit to post it on the expense account you used for this vendor. Then, deposit the money you got from the refund using a Bank Deposit. Lastly, use the Pay Bills option to connect the bank deposit to the Vendor Credit. 

 

You can got to your vendor's profile to check the balance. Keep me posted if you need more help. Thanks!

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5 Comments
Catherine_B
QuickBooks Team

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

We can delete the credit memo and deposit the refund instead, hsow.gail.

 

Credit memos are used in recording the customer’s payments more than what they owe. Instead of recording a credit memo, you can enter a vendor credit to offset their balance.

 

Let me show you how to enter a refund from a vendor. First, create a Vendor Credit to post it on the expense account you used for this vendor. Then, deposit the money you got from the refund using a Bank Deposit. Lastly, use the Pay Bills option to connect the bank deposit to the Vendor Credit. 

 

You can got to your vendor's profile to check the balance. Keep me posted if you need more help. Thanks!

View solution in original post

Fclk7936
Level 1

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

What would you do differently if the refund was to the credit card instead of checking account? 

Jovychris_A
QuickBooks Team

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

Thanks for joining the thread, @Fclk7936.

 

You can create an expense so that you can select a credit card for the refund instead of checking account.

 

Let me show you how:

  1. Go to + New and then select Expense.
  2. Enter the information needed (Payee, Payment account, Category/Item details).
  3. Click Save and close.

 

I'll add this article as your reference when you record, update and remove an expense: Enter, edit, or delete expenses in QuickBooks Online.

 

Just in case you wanted to run a specific report for vendor expenses in the future, you can customize the Transaction Detail by Account report and follow these steps:

  1. On the left panel, click Reports.
  2. Type Transaction Detail by Account in the search box.
  3. Choose the Report period, and click the Customize button located in the upper-right hand corner.
  4. Click Rows/Columns to expand, and click the Change columns link.
  5. Check the boxes for Date, Vendor, Transaction Type, Account, and Product/Service.
  6. Click Filter to expand, and choose Expense from the Transaction Type drop down menu.
  7. Select the accounts you want to view (travel, insurance, etc.) from the Distribution Account drop down list.
  8. Choose the vendor you want to show in the report from the Vendor drop down list.
  9. Click Run Report.

 

Please let me know if you have more questions. I'll be around to help. Stay safe!

TerryCruse
Level 1

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

I followed your directions and the steps did not work.  The deposit did not show up in the pay bills option.

Kendra H
QuickBooks Team

I had a credit bal with a vendor: refunds. I posted cr memos. They paid it back via ACH to our bank account. How do I record these credits to the bank?

Good afternoon, @TerryCruse

 

Thanks for joining this thread. 

 

Since the steps provided by my colleague @Jovychris_A didn't work, I recommend contacting the QuickBooks Online Support Team so they can access your account in a secure environment and help isolate this issue further. They'll be able to provide troubleshooting steps to make sure your deposits show in the Pay Bills window. 

 

Here's how to consult with a live specialist: 

  1. Click on the Help option in the right corner. 
  2. Choose Contact Us
  3. Key in the description on the issue, then select Let's talk
  4. Go to Get a callback or Start a chat
  5. Enter your contact information, then Submit

For future reference, you can check out these Help Articles for QuickBooks Online.

 

If you have any more questions or concerns, I'm always here to help. Have a safe and productive weekend ahead!

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