I appreciate you letting us know, Adoverstr. When making deposits of a refund from a vendor, you'll have to create a supplier credit to record the funds accurately. Let me show you how.
In QuickBooks, account registers are utilized to track transactions based on where they came from. With this, you're unable to make deposits of a refund from this page. Thus, let's record a supplier credit or refund from the +New icon.
To do these, if you don't enter bills to track your expenses, you can create Bank Deposits to track the amount refunded by the vendor.
However, if you deposit a supplier credit when no expense has occurred, you can refer to these steps:
- Go to the + New icon and select Supplier/Vendor credit.
- In the Vendor dropdown, choose your supplier.
- Depending on how you record purchases with this supplier, enter the Category details or Item details.
- Then, click Save and close.
Once done, deposit the money you got from the supplier. Here's how:
- From the + New icon, select Bank deposit.
- In the Account dropdown menu, choose the account where you got the refund.
- In the Add funds to this deposit section, fill out the following fields:
- Received from: Select the supplier who gave you a refund.
- Account: Select Accounts Payable.
- Payment method: Enter the method your supplier used to refund you.
- Amount: Enter the amount of your refund.
- Then, select Save and Close.
You may also check out this reference if you enter bills you plan to pay later: Enter supplier credits and refunds in QuickBooks Online.
Moreover, you'll want to run a report with supplier totals to give you insights into managing your business expenses.
With the information mentioned, you can keep track of your expenses and manage your overall finances. If you encounter other concerns, I'll be around on this thread to assist you.
