Hey, Team-power. You can easily record the returned payment by creating a journal entry and a bill payment check. I'm here to help you every step of the way.
To start, we need to enter a reversing journal entry. Follow these steps:
Next, let's unlink the bill from the payment check and link it to the journal entry:
Finally, you'll need to create a new bill payment check to record the new payment transaction:
It's also important to note that it's crucial to seek help from your accountant if you're uncertain about these steps. They are well-equipped to handle the next steps and can provide valuable guidance.
Moreover, here's a helpful Community article in case you need to run a report that shows how much you're paying each supplier on a monthly basis: How to run and save a monthly expense report by supplier.
I'll be available in the comment section of this thread if you have follow up concerns on getting your payments returned. I want to ensure your issues are catered. We're always here to help you.
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