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R
righttime1
May 6, 2022
Question

How can I record the credit return from the bank

  • May 6, 2022
  • 1 reply
  • 0 views

I ACH payment to the vendor by mistake so I cancel the payment. 

So on my bank statement showed I withdrew that amount and on the deposit showed credit return with the same amount on the same day.

Please help me how I can record this?

Thank you

1 reply

M
mv32
May 6, 2022

Hello there, @righttime1.

 

I can share an insight with you on how to record a credit return.

 

To ensure that amount won't show on your Accounts Payable (AP) report, you'll need to make a deposit and link it to the credit that you've created. Here's how:

 

  1. Go to the Banking menu at the top, then pick Make Deposits on the drop-down.
  2. If the Payments to Deposit window appears, click OK.
  3. In the Make Deposits window, select the vendor on the Received from drop-down.
  4. From the From Account drop-down, choose Accounts Payable.
  5. Enter the actual amount of the credit receipt in the Amount column, then click Save & Close.

 

Once done, you can now link the deposit to the Bill Credit. Here's how:

 

  1. Go to Vendors menu at the top, then pick Pay Bills on the drop-down.
  2. Put a checkmark on the Deposit that matches the credit receipt amount.
  3. Select Set Credits and apply the Bill Credit you created earlier, then choose Done.
  4. Click Pay Selected Bills, then Done again.

 

For your reference, you may check out this article for further guidance: Record a vendor refund in QuickBooks Desktop.

 

Please let me know how it goes by leaving a comment below. I'll be here if you have any follow-up questions about the process. Have a good one!

R
righttime1Author
May 6, 2022

This looks like how to record the vendor refund with the same vendor.

In my situation, vendor is not the same. 

I paid for vendor A, and the credit refund is from my Chase bank.

Please advise

katherinejoyceO
katherinejoyceO
May 6, 2022

Thanks for returning to this post, @righttime1. I understand the need to record the credits returned from the bank due to canceled payments. 

 

Since the amount was returned on the same day, you'll have to ignore the transaction. 

 

Here's how:

 

  1. Go to the Banking menu, then select Bank Feeds.
  2. Click on Bank Feeds Center., then look for you bank account and go to the Transaction List.
  3. Look for the transactions (put a check-mark).
  4. Go to the Action column, then select Ignore.
  5. Click on Yes to confirm the deletion of the transaction.

 

 

For future reference, check out these articles below about handling banking transactions effectively and other related topics:

 

 

You're always welcome here if you have any additional concerns or if there is anything else that I can do for you. Take care!

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