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Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

 
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Moderator

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

Hey there, @RefundMe. Thanks for joining the Community.

 

I'm happy to help you with your vendor refund. It's super quick and takes just a moment. Take a look:

 

Create a vendor credit

  1. Select the + New button.
  2. Select Vendor Credit.
  3. In the Vendor drop-down menu, select your vendor.
  4. 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.
  5. Select Save and close.

 

Apply vendor credits to a bill

You can apply a vendor credit toward any open or future bill. When you’re ready to use the credit, here’s how to do it.

  1. Select the + New button.
  2. Select Pay Bills.
  3. Select a bill for your vendor from the list. You'll see the available credit with this vendor in the Credit Applied field.
  4. Complete the rest of the fields like you normally do.

 

That's it! If you happen to just enter expenses or write checks to your vendors, you can check out this article: Enter a credit from a vendor

 

Please touch base with us here if there's anything else you need, I'm determined to ensure your success. Have a great week!

Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

Still completely lost. The two refunds are already on my credit card. How do I categorize them and add them? There are no "new" buttons, where would they be located?

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Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

This is the third time I've had to re-type my response. There is no add button. I received a credit card refund from a vendor, they are currently sitting in my credit card account. How do I categorize that and add them?

Highlighted
Moderator

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

Hey there, @RefundMe.

 

The + New button is located in your left side menu, as seen below. As to what to categorize it under, you'd want to speak to an accountant to ensure everything is entered correctly.

 

 

I hope this clarifies things for you! Wishing you and your business continued success in all that you do.

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Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

Screen Shot 2020-01-13 at 7.09.53 PM.png The two items are sitting in the "For Review" section. Both are items I purchased but I returned to the payee as they didn't work. Each payee issued me a refund for the purchase price. How do I "Category or Match" them as well as what "Action" do I take so they are both reconsiled as refunds?

Thanks.

Highlighted
Moderator

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

I appreciate you for coming back, RefundMe.

 

You can simply click the downloaded transaction from your Banking page to categorize the items. I'll walk you through the steps below:

  1. Go to the Banking menu.
  2. Under the For Review tab, click the downloaded transaction.
  3. Choose a Category for Refunds.
  4. Click Add.

However, I'd suggest consulting an accountant to make sure you're using the correct category.

 

For more information about adding and matching bank transactions in QBO, check out this article: Add and Match Downloaded Banking Transactions.

 

Feel free to reach back to me if there's anything else you need to know about QuickBooks. Have a wonderful day ahead!

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Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

@Charies_M thank you for the information, but this is for a refund received not given. The refund is from two different companies. The category I used when made the purchase from one company was "Expense: Advertising & Marketing" and the other was "Expense: Equipment". So what category would I use when they return "refund" the money back to me? 

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Level 1

I received a credit card refund from a vendor. How do I categorize that and add that to my ledger?

I received a refund from a hotel that we made a reservation at and then had to cancel so I received the deposit back on my credit card that I had used to pay it. I am wondering if your question ever got answered? It is the exact same thing in mine, it is showing up and waiting to be categorized. I am sorry I can't help answer yours, but hopefully we can both get clarification!

Thanks!

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