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Vendor credits | QuickBooks Online US
This article will guide you in recording refunds you received from a vendor. Choose the appropriate scenario and follow the recommended steps to record the refund in QuickBooks. Examples include rebates, reward incentives, refunds, reimbursements, or checks issued by a vendor to cash out an existing credit. Need to make changes or updates to your accounts or subscriptions?
Visit the Account Management Page. QuickBooksHelp Intuit. Scenario 1: The vendor sends you a refund check for a bill that is already paid Record a Deposit of the vendor check: Go to the Banking menu, then select Make Deposits. If the Payments to Deposit window appears, select OK. In the Make Deposits window, select the Received from drop-down and choose the vendor who sent you the refund. In the From Account drop-down, select the appropriate Accounts Payable account.
In the Amount column, enter the actual amount of the Vendor check. Optional Enter a memo, check number, payment method, and class. Select the Credit radio button to account for the return of goods. Enter the Vendor name. Select the Expenses tab and enter the Accounts on the original bill.
In the Amount column, enter the appropriate amount for each Account the amounts may have to be prorated. Select Save and Close. Check the Deposit that matches the Vendor check amount. Select Pay Selected Bills , then select Done. Scenario 2: The vendor sends you a refund check for returned inventory items Record a Deposit of the vendor check: Go to the Banking menu, then select Make Deposits.
Enter the remaining information in the Deposit. Select the Items Tab. Enter the returned items with the same amounts as the refund check. Scenario 3: The vendor sends a refund check that is not related to an existing bill Examples include rebates, reward incentives, refunds, reimbursements, or checks issued by a vendor to cash out an existing credit. Select the Expenses tab and enter the Accounts you would normally use for refunds. Note: If you are not sure which account to select, Intuit recommends contacting your accounting professional.
Scenario 4: A vendor sends a refund check on behalf of the original Vendor Create a deposit for the vendor who sent the refund check: Go to the Banking menu, then select Make Deposits. In the Amount column, enter the actual amount of the refund. Optional Enter a memo, check number, payment method and class. In the Vendor field, select the vendor who sent the refund.
In the Amount Due field, enter the amount of the refund. Select the Expense tab. In the Account field, select a Wash account. Example would be an expense account. In the Amount field, enter the amount of the refund. Go to the Vendors menu, then select Pay Bills. Select the Bill and select Set Credit.
Select the Credit and select Done. Select the Credit radio button. In the Credit Amount field, enter the amount of the refund. In the Account field, select the account used on the original Bill. From the Credit Card drop-down, select the credit card account. Enter an appropriate memo to describe the transaction. If you returned Items, select the Item tab and enter the Items and Amounts from the refund. If the refund does not have Items, select the Expenses tab, select the appropriate Accounts and enter the Amount.
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