Skip to main content
sr560
Oct 18, 2023 10:37 AM UTC
Solved

Vendor Overpayment - how to reconcile against Bank statement

Vendor's bill was accidentally paid twice(thanks to Melio). The vendor so now has a credit and I need to match it with the Bank statement. The Bank statement shows this as an additional withdrawal. I have already entered a credit for the vendor. How do I reconcile my withdrawal in the Bank statement ? I am on QB Desktop.

RoseJillBAnswer
Oct 18, 2023 12:12 PM UTC

Hello there, @sr560.

 

I can help you match your bank statement to your QuickBooks Desktop (QBDT) records.

 

Rainflurry is correct by posting your vendor credit directly to your bank account to get this into your bank register and reconcile. Moreover, I can elaborate on the steps for you in recording this properly:

 

  1. Go to the Vendor Center and locate the vendor associated with the transaction.
  2. In Vendor Information, navigate to the Transactions tab and select vendor credit transaction.
  3. Tap it twice to open. Then, go to the Expenses tab to change the Account directly to your intended bank.
  4. After that, select Save and Close.

 

Once you're done saving the transaction, proceed to the steps below to start reconciling it:

 

  1. Go to the Banking menu, and select Reconcile.
  2. Select your bank account in the Account field.
  3. Enter the Statement Date, Beginning Balance, and Ending Balance.
  4. Enter the Service Charge and Interest Earned based on your bank statement. Don't enter charges you've already entered in QuickBooks.
  5. Select Continue or OK once done reviewing the fields or other information.

 

If you need further help in reconciling your transaction, I'll leave this resource for your reference: Reconcile an account in QuickBooks Desktop.

 

In cases, you encounter any challenges when you're reconciling your account. QuickBooks has specific ways of identifying the causes along with its resolution. You can check out this article for guidelines: Fix issues when you're reconciling in QuickBooks Desktop.

 

I'm always here whenever you have more queries in reconciling transactions. I'm always here to help.

View in thread

4 replies

Rainflurry
Rainflurry
Oct 18, 2023 11:17 AM UTC

@sr560 

 

On the vendor credit, on the Expenses tab, choose your bank account.  That will record the vendor credit and a corresponding payment from your bank account. 

sr560Author
Oct 18, 2023 12:20 PM UTC

Thank you. This helps.

rvrfrf
Oct 18, 2023 1:02 PM UTC

Thanks for getting back with the Community, sr560.

 

I'm happy to hear RoseJillB was able to help with posting your vendor credit to the proper account.

 

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

 

Please feel welcome to send a reply here or create a new thread if necessary. The Community's always here to help. Have an awesome Wednesday!

RoseJillBAnswer
Oct 18, 2023 12:12 PM UTC

Hello there, @sr560.

 

I can help you match your bank statement to your QuickBooks Desktop (QBDT) records.

 

Rainflurry is correct by posting your vendor credit directly to your bank account to get this into your bank register and reconcile. Moreover, I can elaborate on the steps for you in recording this properly:

 

  1. Go to the Vendor Center and locate the vendor associated with the transaction.
  2. In Vendor Information, navigate to the Transactions tab and select vendor credit transaction.
  3. Tap it twice to open. Then, go to the Expenses tab to change the Account directly to your intended bank.
  4. After that, select Save and Close.

 

Once you're done saving the transaction, proceed to the steps below to start reconciling it:

 

  1. Go to the Banking menu, and select Reconcile.
  2. Select your bank account in the Account field.
  3. Enter the Statement Date, Beginning Balance, and Ending Balance.
  4. Enter the Service Charge and Interest Earned based on your bank statement. Don't enter charges you've already entered in QuickBooks.
  5. Select Continue or OK once done reviewing the fields or other information.

 

If you need further help in reconciling your transaction, I'll leave this resource for your reference: Reconcile an account in QuickBooks Desktop.

 

In cases, you encounter any challenges when you're reconciling your account. QuickBooks has specific ways of identifying the causes along with its resolution. You can check out this article for guidelines: Fix issues when you're reconciling in QuickBooks Desktop.

 

I'm always here whenever you have more queries in reconciling transactions. I'm always here to help.

Terms & ConditionsAccessibility statement