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Kellydd
January 23, 2019
Solved

Bank Reconcile - Rejected payment

  • January 23, 2019
  • 2 replies
  • 0 views

I have payment a supplier however the bank details they supplied were in correct, so the payment has been rejected.  How do I post the rejection on Quickbooks 

    Best answer by EdwardR

    Thanks for confirming this for me Kelly.

     

    If there is transaction for going out and returning you could try recording this using a supplier refund on the steps below. We would always suggest speaking with your accountant prior to any steps we advise as to the best way to have reflected in QuickBooks another option may be using a Journal Entry or even excluding the transaction your accountant will be able to give you the correct process.

     

    Supplier Refund

    1. Go to the '+' icon then select Supplier Credit.
    2. Choose the correct date, supplier and amount with the VAT (if required).
    3. Next go to the '+' icon and create a Bank deposit, this is for the account (Bank) the refund has gone into.
    4. Select the amount, date and supplier on the deposit. Making sure the line item is for the Creditors account making sure to choose No VAT.
    5. Now go to the supplier the refund is from and create a dummy bill. Save the bill and select pay bill.
    6. Now link the Supplier Credit with the Bank Deposit, once this step has been done remove the dummy bill.

    Please let us know if there is anything else we can help you with.

     

    Thanks,

    2 replies

    E
    EdwardR
    January 23, 2019

    Thanks for joining us here on Community Kellydd.

     

    First of all can I please confirm whether you are currently using QuickBooks Online or QuickBooks Desktop?

     

    Thanks,

     

     

    K
    KellyddAuthor
    January 23, 2019

    The online service

     

     

    E
    EdwardRAnswer
    January 23, 2019

    Thanks for confirming this for me Kelly.

     

    If there is transaction for going out and returning you could try recording this using a supplier refund on the steps below. We would always suggest speaking with your accountant prior to any steps we advise as to the best way to have reflected in QuickBooks another option may be using a Journal Entry or even excluding the transaction your accountant will be able to give you the correct process.

     

    Supplier Refund

    1. Go to the '+' icon then select Supplier Credit.
    2. Choose the correct date, supplier and amount with the VAT (if required).
    3. Next go to the '+' icon and create a Bank deposit, this is for the account (Bank) the refund has gone into.
    4. Select the amount, date and supplier on the deposit. Making sure the line item is for the Creditors account making sure to choose No VAT.
    5. Now go to the supplier the refund is from and create a dummy bill. Save the bill and select pay bill.
    6. Now link the Supplier Credit with the Bank Deposit, once this step has been done remove the dummy bill.

    Please let us know if there is anything else we can help you with.

     

    Thanks,

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