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Record a vendor refund

Forum|Forum|3 years ago
December 23, 2022
1 reply
117 views

There are many posts out there about vendor refund in quickbooks online, but *all* of them include supplier credit, something that most of us don't have since we are on the low tier.

My scenario the vendor has already refund me directly in my bank account. I need to categorize this income. Help me? 🙂

QuickBooks Online

Best answer by Klent

I'll be more than happy to assist you with your concern, trixobird.

We can simply create a bank deposit in QuickBooks Online to account for the refund you received from your vendor. Here's how to do it:

Click the + New button.
Choose Bank Deposit.
Go to the Add funds to this deposit section.
Enter the reimbursed amount and choose the appropriate account.
Add a memo as needed, then click Save and close.

To learn more about handling supplier credits, feel free to read this article: Enter vendor refunds in QBO.

If you need more help in accomplishing your other tasks, please let me know by adding a comment below. I'll always have your back. Happy Holidays, trixobird!

K

KlentAnswer

Level 8

I'll be more than happy to assist you with your concern, trixobird.

We can simply create a bank deposit in QuickBooks Online to account for the refund you received from your vendor. Here's how to do it:

Click the + New button.
Choose Bank Deposit.
Go to the Add funds to this deposit section.
Enter the reimbursed amount and choose the appropriate account.
Add a memo as needed, then click Save and close.

To learn more about handling supplier credits, feel free to read this article: Enter vendor refunds in QBO.

If you need more help in accomplishing your other tasks, please let me know by adding a comment below. I'll always have your back. Happy Holidays, trixobird!

B

Business Angels

I overpaid a vendor. This solution doesn't get rid of the credit on the vendor account. How do I get the vendor account to record the refund check so that the vendor balance is 0?

M

mariojrb_

Hello,

I followed the directions you provided, but when I applied the deposited refund to the vendor credit, it actually doubled the credit balance on the vendor account. It did not return the balance to zero. Might you please provide some guidance on this? Thank you.

I'd gladly assist you with recording your bank deposit and linking the Vendor Credit and Bank Deposit, Timothy.

As for the doubling of vendor credit, it's possible that the vendor credit and the refund deposit are not linked correctly, and another vendor credit was entered more than once. To rectify this, run the Vendor Balance Detail to know which vendor credit will be deleted.

Here's how:

Go to the Reports menu, then open Vendor Balance Detail.
Click the amount to verify which vendor credit is correct.
It will route you to the Vendor Credit window. If it is incorrect click More and then Delete.

After running the Vendor Balance Detail Report, find the recorded Bank Deposit for the vendor refund. Then, ensure that it's associated with the correct vendor and is posted
to Accounts Payable.

Once done, link the Vendor Credit and Bank Deposit. I'll show you how the steps below.

Go to + New button and click Check.
Choose the vendor Payee from the dropdown ▼.
Select the Bank Account to use.
On the right sidebar, an Add to Check pop-up will appear. Click Add, then hit Save and Close.

If you need to manage your business expenses record, you can refer to this article: Enter and manage bills and bill payments in QuickBooks Online.

Feel free to leave a comment on this thread if you have more concerns about vendor credit. We're always here to help you.

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