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Matching Deposit to Supplier Credit

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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

QuickBooks Online

paul72Answer

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.

paul72Answer

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

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

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

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.

C

Chris405Author

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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