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ACook149
Level 1

Vendor refund incorrectly applied in prior period

I just took over a company's books and I am working to clean them up. The previous bookkeeper made an error in applying a vendor refund. 

AP Vendor account shows -$92.23 for an overpayment in 2015...

The vendor then sent a check for the overpayment in 2020...

The check was recorded in the register as a deposit to "packing supplies" expense account rather than the AR account and was never linked to the credit. 

How do I correct this without changing prior periods?

1 Comment 1
katherinejoyceO
QuickBooks Team

Vendor refund incorrectly applied in prior period

Hello @ACook149

 

Thanks for asking us here in the Community. I'm here to help you correct the vendor refund that was applied in the prior period.

 

To do this, let's first deleted the deposit. Then, recreate it and ensure that the date is correct and applied to the right account. Here's how to delete the deposit: 

 

  1. Go to the Lists menu bar, then click Chart of Accounts.
  2. Select your bank, then locate and open the deposit.
  3. Press on Ctrl+on your keyboard.
  4. Click on OK.
  5. Select OK when asked to delete the transaction.

 

For more details about deposits, you can also check this article to recreate it: Deposit customer payments.

 

Just in case the affected accounts are already reconciled, I'd suggest you undo the reconciliation

 

Please know that small changes can unbalance your accounts. I'd recommend consulting an accountant to make sure your books are accurate. 

 

I'll be here to help if there are any additional questions. Take care!

 

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