I created a bill and paid it last week but the vendor's bank details changed so it was reversed and deposited in the account. A few questions:For the reversal - I know I will categorize it the same so that it goes back to the original account that was debited.For repayment with the correct bank details - do I create another bill and another bill payment so that the bank transaction will have something to match once it clears or should I be matching it to that original bill?As I am typing this, I think I just realized the answer but I would like to get another viewpoint to confirm.

I've got the information you need regarding your bill transactions, @joshvb. You're already on the right path for tracking your transactions. However, to accurately record your transaction, it's best to consult an accountant to ensure everything is on the right track. To ensure the payment is recorded and reconciled correctly in QuickBooks, you can create a new bill and a new bill payment. This will give the bank transaction something to match once it clears. If you wish to update or edit your vendor bank information, here's how: In your QuickBooks account, select Expenses. Click Vendors, then locate the appropriate vendor by searching or looking through the vendor list. Click the vendor you want to update information, then tap Edit. You can make the necessary changes there. Once done, click Save. Moreover, if you've received refunds from your vendors, you can record them using the vendor credit feature in QuickBooks. I'm here to help with any questions about your bills and payments. Please let me know by commenting below. Have a great day!

J

joshvb

Question

Payment Reversal from Bank

Forum|Forum|2 years ago
November 27, 2023
1 reply
0 views

I created a bill and paid it last week but the vendor's bank details changed so it was reversed and deposited in the account. A few questions:

For the reversal - I know I will categorize it the same so that it goes back to the original account that was debited.
For repayment with the correct bank details - do I create another bill and another bill payment so that the bank transaction will have something to match once it clears or should I be matching it to that original bill?

As I am typing this, I think I just realized the answer but I would like to get another viewpoint to confirm.

QuickBooks Online

S

SheandL

I've got the information you need regarding your bill transactions, @joshvb.

You're already on the right path for tracking your transactions. However, to accurately record your transaction, it's best to consult an accountant to ensure everything is on the right track.

To ensure the payment is recorded and reconciled correctly in QuickBooks, you can create a new bill and a new bill payment. This will give the bank transaction something to match once it clears.

If you wish to update or edit your vendor bank information, here's how:

In your QuickBooks account, select Expenses.
Click Vendors, then locate the appropriate vendor by searching or looking through the vendor list.
Click the vendor you want to update information, then tap Edit. You can make the necessary changes there.
Once done, click Save.

Moreover, if you've received refunds from your vendors, you can record them using the vendor credit feature in QuickBooks.

I'm here to help with any questions about your bills and payments. Please let me know by commenting below. Have a great day!

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