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marumir05
March 9, 2023
Solved

Vendor refund

  • March 9, 2023
  • 1 reply
  • 8 views

How to record a vendor refund if the card/account we used is a prepaid card?

Best answer by DebSheenD

Thanks for getting back to us in Community, @marumir05.

 

I'm here to help record vendor refunds using a prepaid card account in QuickBooks Online (QBO). 

 

Recording vendor refunds using a prepaid card is not an option in QBO. However, we can create savings accounts and name them as prepaid accounts. Here's how:
 

  1. Tap the Gear icon and choose Chart of accounts.
  2. Hit the New button to create the prepaid account.
  3. Choose Banks.
  4. Under the Save account under and Tax form section, choose Savings.
  5. Enter the Prepaid Account as the Account name.
  6. Click Save.

 

Once done, you can process a vendor refund using that account.

 

On top of that, I've also included this reference helpful with the resources needed while with your expenses and vendors: Enter expenses, pay bills, write checks, and manage suppliers in QuickBooks Online.

 

I'd like to know how you get on after following the steps. If you have additional questions, feel free to reply to this post. I'll get back to you. Stay safe.

1 reply

D
DebSheenDAnswer
Level 5
March 9, 2023

Thanks for getting back to us in Community, @marumir05.

 

I'm here to help record vendor refunds using a prepaid card account in QuickBooks Online (QBO). 

 

Recording vendor refunds using a prepaid card is not an option in QBO. However, we can create savings accounts and name them as prepaid accounts. Here's how:
 

  1. Tap the Gear icon and choose Chart of accounts.
  2. Hit the New button to create the prepaid account.
  3. Choose Banks.
  4. Under the Save account under and Tax form section, choose Savings.
  5. Enter the Prepaid Account as the Account name.
  6. Click Save.

 

Once done, you can process a vendor refund using that account.

 

On top of that, I've also included this reference helpful with the resources needed while with your expenses and vendors: Enter expenses, pay bills, write checks, and manage suppliers in QuickBooks Online.

 

I'd like to know how you get on after following the steps. If you have additional questions, feel free to reply to this post. I'll get back to you. Stay safe.

M
marumir05Author
March 9, 2023

Thank you so much! This is very helpful. Lastly, to record the refund, these is the steps to follow, correct? Please see attached screenshot.

R
ReymondOModerator
Moderator
March 9, 2023

Good day, @marumir05.

 

Yes, you can follow these steps if you want to record the refund based on this scenario. Here are the steps:

 

  1. Click + New and select Credit card credit.
  2. In the Payee field, choose the appropriate vendor.
  3. From the Bank/Credit account ▼ drop-down list, select the prepaid card to which you received the refund.
  4. Enter the Payment date, refund Amount, Tax, and Category.
  5. Select Save and close.

 

There are also other options on how to record a vendor refund in QuickBooks. You can check them out in this article: How to record a refund or credit from a vendor in QuickBooks Online.

 

Please take note that how you enter the refund depends on how you record your purchases. If you're not sure about the process, you can ask your accountant. 

 

Fill me in should you need further assistance with this refund process. I’ll be here to help. Have a great day ahead!

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