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PinkyK
PinkyK
September 11, 2023
Question

How to record error withdrawal and reimbusment to show under vendor?

  • September 11, 2023
  • 1 reply
  • 0 views

My insurance company auto drafted $13,000 for an invoice (bill was created in QBO).  I matched those two transactions in Banking. Then my insurance company auto drafted another $13,000 on the same day in error.  Two days later, my insurance company reimbursed me $13,000 directly into the same bank account it took from.  How do I record the error and reimbursement where it will show up in my Insurance GL account as well as my bank account and under the vendor information?  When I do it, the reimbursement (deposit) does not show up under the vendor information, only the withdrawal.

1 reply

M
Mark_R
September 11, 2023

Hi there, @PinkyK.

 

You can create a vendor credit and associate your insurance GL account to record the error and reimbursement. Then, you can apply it to the future bill. Let me guide you through the process.

 

  1. Sign in to your QuickBooks Online (QBO) account.
  2. Click + New, then select Vendor credit.
  3. Select the vendor from the drop-down.
  4. In the Category details section, select your insurance GL account.
  5. Enter the $13,000 amount.
  6. Click Save and close.

 

This process won't show up on your bank account. However, it'll be an available credit that you can use to pay a future bill to the same vendor.

 

I'm adding this article for more guidance: Enter vendor credits and refunds in QuickBooks Online.

 

Just in case you want to run specific vendor reports in QBO to view all money paid to a vendor, you can check out this article: Run a report with vendor totals.

 

Come back to this post if you have other concerns or follow-up questions about this. I'll be around to provide further assistance.

PinkyK
PinkyKAuthor
September 11, 2023

Thank you, the only problem is, I don't have a future bill. I only have a withdrawal and a deposit in my banking section.

K
Kevin_C
September 11, 2023

Thanks for the prompt response, @PinkyK. I'm here to assist you further with recording your vendor transactions in QuickBooks Online (QBO).

 

If the transactions appear on your Banking page, you can categorize the bank error transaction to the proper GL account. If not, create an expense or check for the error and assign the GL under the Category/Account section.

 

For the reimbursement, you can either categorize the transaction affecting the Accounts Payable category if it shows up on your Banking page or record a Bank Deposit if it does not.

 

Then, follow the steps provided by Mark_R above to generate a Vendor credit.

 

Lastly, link the bank deposit to the vendor credit using the Pay Bills option to keep your expenses accurate.

 

Additionally, you'll want to view vendor transactions in QBO and manage their profiles to track them properly.

 

Please let me know in the comment below if you have additional questions about this or anything related to QuickBooks. I'm just around to help you.

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