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ohio_coffee
ohio_coffee
March 8, 2022
Question

How to invoice a vendor???

  • March 8, 2022
  • 1 reply
  • 0 views
Simple (ish) version
 
We're basically a 3rd party administrator for insurance claims. We earn 10% of our clients revenue.
 
We have 2 ways this happens:
  1. The claim payment is direct deposited into our bank account by the insurance company. We keep our 10% and then send the rest to the client with a sales receipt
  2. The claim payment is sent directly to the client from the insurance company. We invoice them for our 10%
  1.  
Each client is in QuickBooks as both a VENDOR (for scenario #1) and a CUSTOMER (for #2).
 
Occasionally, a claim will be reversed by the insurance company. When it happens we need to invoice the client so they can return the payment to us.
 
The issue is when the reversed claim was a VENDOR transaction. We sent them $1,000 with a sales receipt. 6 months from now we need to send them something (like an invoice) requesting that $1,000 back.
 
How do we request money from a vendor?? (or do we need to send an invoice from their customer profile and then move it to their vendor profile somehow?)
 
Thanks!

1 reply

M
MirriamM
March 8, 2022

Hi there, @ohio_coffee.

 

I agree with your recommendation. You can send an invoice from the customer profile and then move it to their vendor profile. But before doing so, I still suggest reaching out to your accountant for additional guidance. And also to ensure you follow your business' method of accounting. 

 

To know more about the different workflows you can use to track customer and vendor transactions in QuickBooks, see the below articles: 

 

Please reach out to us here if there's anything you need. We're always happy to help you along your road to victory. Wishing you and your business continued success.

ohio_coffee
ohio_coffeeAuthor
March 8, 2022

Could you expand on "move it to their vendor profile".

 

I just tried a test on an invoice and a payment. "Customer job" on the invoice and "Received from" on the payment will only give me customer profile options.

 

How do I move it?

 

    AlexV
    AlexV
    March 8, 2022

    Hello ohio_coffee!


    Thanks for the reply. Allow me to further assist you in requesting a refund from a vendor.


    We're unable to send a request in QuickBooks Desktop to a vendor for a refund. You'll want to make an internal agreement with them and inform them what happened and why you need the $1,000 back.


    Once you received it, you can record it in QuickBooks Desktop as a vendor refund. Follow these steps:

    1. Record a Deposit of the vendor check:
      1. Go to the Banking menu and select Make Deposits.
      2. From the Make Deposits window, select the vendor from Received from drop-down.
      3. In the From Account drop-down, select the appropriate Accounts Payable account.
      4. Enter the actual amount of the refund in the Amount column. Enter the other details needed.
      5. Select Save & Close.
         
    2. Record a Bill Credit for the refunded amount:
      1. From the Vendors menu, select Enter Bills.
      2. Select the Credit radio button and enter the Vendor name.
      3. Go to the Expenses tab, select an Account and enter the Amount.
      4. Tap Save & Close.
    3. Link the deposit to the bill credit:
      1. Go to the Vendors menu, then select Pay Bills.
      2. Check the deposit that matches the vendor check amount.
      3. Select Set Credits and apply the Bill Credit you created earlier then select Done.
      4. Tap Pay Selected Bills, then select Done.

     

    Also, I added articles if you need to move money from one account to another account as well as detailed steps in reconciling your accounts:


    Leave a comment again below if you need more assistance with this or if you need help in recording transactions. I'll be happy to help!

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