I had a charge from a vendor on my credit card which was refunded the following day and I am unable to get QuickBooks Online to record the credit. When I try and do a "Vendor Credit" It tells me that I have to upgrade my plan which I am currently on the Simple Start plan. I really don't want to have to upgrade just to log a refund onto the credit card. Can someone instruct me on how to do this?
Thanks for posting here in the community, @redbrad0.
We wanted to make sure everything is accounted for correctly, so your financial reports are accurate. While you're not upgrading your service, you can record the refund as a bank deposit or a journal entry.
Since this issue requires in-depth accounting processes, we do recommend that you reach out to an accounting professional.
Adjustments to your balances because of refunds needs thorough guidance. We can only provide the steps you need to do in QuickBooks, but handling your books and doing journal entry transactions is best assisted by your accountant.
If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in Canada: https://quickbooks.intuit.com/ca/find-an-accountant/
To know more about the refund process in QuickBooks, check these articles:
Let us know if there's anything that you need with the vendor refund processing in QBO. I'm always here to help. Have a wonderful day!
It would be great if I could log it as a deposit but if I go to New -> Bank Deposit the only choices are my bank accounts and not a credit card. So QuickBooks does not support how to use their own software, we have to pay someone else for a basic answer of how to log a refund done to a credit card?
I appreciate you for getting back to us regarding the refund. Allow me to chime in and help you enter the credit from the vendor in QuickBooks Online.
The features you can use will depend on your QuickBooks subscription. Some options are available in the higher versions only.
Since upgrading isn't an option, the only workaround is to use the Journal Entry feature to record the refund. You'll need to debit and credit accounts when performing the process.
I know how important having fewer expenses for the business, but we can only provide general instructions for the refund.
If you're unsure of the accounts to affect, it would be best to consult an accountant for expert advice. This way, we can ensure your books are accurate and correct.
I've attached a link you can use as a guide if you need to fix a journal entry error or reverse debits and credits: Reverse or delete a journal entry in QuickBooks Online.
Feel free to get back to me anytime you have further questions about entering the vendor refund. I'm always around to lend a hand.