Skip to main content
1
123146303332089
May 6, 2022
Question

How to record an expense e-transfer payment to vendor that was returned by bank

  • May 6, 2022
  • 1 reply
  • 0 views

I had paid a vendor using e-transfer and recorded the expense in QBO.  The funds were returned to our bank account because the vendor tried too many times with the incorrect response to the security question.  Funds were resent to the vendor.  How do I record the returned funds in the expense account and the second time funds were sent?  The bank account is connected to our QBO and all the transactions are recorded.

 

Thanks in advance for any advice.

1 reply

A
Alex M
May 6, 2022

Hi there,

 

It's vital that all your transactions be entered properly for your books to be well balanced. QuickBooks Online is a great tool able to help you keep track of your expenses and sales to see your company's profits. I can point you in the right direction for assistance with this returned payment.

 

In order to record this in your books, one possible option is to create a refund from your supplier as well as a second expense. In order to know the best way to represent these transactions so that all accounts have the correct balance, I recommend speaking to your accountant. They'll be able to provide guidance in creating these transactions. You can invite your accountant to your books by navigating to the My Accountant tab. You can also find one near you by going to that section and clicking the Find a pro to help button.

 

If you have any other questions, feel free to reach out here.

Terms & ConditionsAccessibility statement