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Chris405
June 27, 2023
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Matching Deposit to Supplier Credit

  • June 27, 2023
  • 2 replies
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Hi there,

 

We made two purchases from a supplier, bills were created and payments was linked. Couple of days later we received a credit note for one of the purchases and funds was refunded.

 

Question:

Will I be able to link a deposit to the supplier credit to balance out the expenses or does this process only work on deposit with no supplier credit created?

 

Apologies for what might seem to be a simple question.

 

Thanks

Chris

Best answer by paul72

Hi @Chris405 

 

Enter the refund as a Bank Deposit to Accounts Payable using the Supplier Name & NoVAT code.

The refund will then show on the Supplier Register & you can clear against the Supplier Credit using Pay Bills.

(the refund will effectively show as a debt which can be offset using the credit)

 

Hope this helps.

2 replies

paul72
paul72Answer
June 27, 2023

Hi @Chris405 

 

Enter the refund as a Bank Deposit to Accounts Payable using the Supplier Name & NoVAT code.

The refund will then show on the Supplier Register & you can clear against the Supplier Credit using Pay Bills.

(the refund will effectively show as a debt which can be offset using the credit)

 

Hope this helps.

    C
    Chris405Author
    June 27, 2023

    Hi Paul72

     

    Thank you so much for the message.

    Confused myself a bit looking for accounts payable, but got it right with creditors.

     

    Thanks again.

    paul72
    paul72
    June 27, 2023

    Glad you got it sorted out @Chris405 

     

    That's right, I always forget that QBO has different names by default:

    Accounts Payable = Creditors
    Accounts Receivable = Debtors

      A
      Ashleigh1
      June 27, 2023

      Hello Chris405, thanks for posting on the Community page,  You would need to create a bank deposit to reflect the refund, with accounts payable selected on the add funds line, then link this to the credit with a cheque.

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        Chris405Author
        June 27, 2023

        Hi Ashleigh1

         

        Thanks for the message.

         

        I believe it's maybe the difference between regions for choosing which one, but got it right with creditors.

         

        Thanx again.

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