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GoodJuju85
GoodJuju85
November 5, 2021
Solved

I Need Help Recording a Credit Card Overpayment Transaction to a Vendor.

  • November 5, 2021
  • 1 reply
  • 0 views

Hi everyone!

I recently noticed that a VENDOR PROCESSED our CREDIT CARD TWICE for an open invoice. Upon contacting the vendor, it was agreed that we will receive a REFUND CHECK to compensate for the error.

What is the best way to record these transactions?

Thanks in advance! :)

Best answer by Nick K

Hi GoodJuju85.

 

I'd be happy to help you with how to make a journal entry in QuickBooks Desktop. In order to create a journal entry you'll need to go to: Company>Make General Journal Entry. This will bring up the journal entry screen where you can add the refund back into your account.

 

Hope this helped!

1 reply

N
Nick K
November 5, 2021

Hi GoodJuju85.

 

Being able to enter your vendors refunds in your QuickBooks Desktop is a great way to keep your accounts up to date. I'd be happy to help you with entering this refund.

 

In order to enter a refund cheque for a vendor in QuickBooks Desktop there are a few ways. The first one would be to create the vendor as a customer and entering the funds through the receive payment section. Another option would be to enter this as a journal entry. Before doing it this way I recommend reaching out to your accountant as they are trained in how to make this kind of entry. If you don't have an accountant no worries, we can help. You can find an accountant by going to our find an accountant page to find one in your area.

 

If you have any questions let us know and we'd be happy to help.

GoodJuju85
GoodJuju85Author
November 5, 2021

Hi Nick, thank you for replying to my post.

 

We would prefer not to create a customer account, so, would yo please tell me the steps to add a journal entry to Quickbooks? I can then consult with our accountant and check to see if the steps work for them.

Thank you!

N
Nick KAnswer
November 5, 2021

Hi GoodJuju85.

 

I'd be happy to help you with how to make a journal entry in QuickBooks Desktop. In order to create a journal entry you'll need to go to: Company>Make General Journal Entry. This will bring up the journal entry screen where you can add the refund back into your account.

 

Hope this helped!

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