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userjharnakaram
May 10, 2021
Question

how do I post refund received from supplier

  • May 10, 2021
  • 1 reply
  • 0 views

Hello

 

I got the below advice from QBO:

 

Re: How can I post a refund from a supplier/vendor?

 

Hello Userjharnakaram, You would need to create a supplier credit for the 800 AED and then go to+ symbol new> bank deposit> select the date and bank account the deposit was received back to>in add funds to this deposit select creditors> enter the amount and save. Then finally to tie those together create a dummy bill for 0.01 AED to the same supplier and go to make payment>tick the supplier credit and bank deposit and untick the dummy 0.01 AED and save. Then go back and delete the dummy bill. That will then record the credit and the money refunded against that supplier.

After doing the above.. see attached screen shot - it still shows my supplier balance as double as the supplier credit is not being knocked off against the deposit - what is the issue?

1 reply

AlexV
AlexV
May 11, 2021

Hello userjharnakaram!

 

Thanks for posting here again. I know how to enter this into QuickBooks Online so let me help you.

 

The steps provided in recording supplier refund are correct. We need to create a supplier credit to ensure that it hits the expense account you use for this vendor. Then, we need to deposit the funds you receive as a refund and link it to the credit to keep your expenses accurate.

 

Let me share more detailed steps:

A. Enter a vendor credit

  1. Go to the + New button and select Supplier Credit.
  2. Select your Supplier and enter the Category details or Item details depending on how you record the purchase.
  3. Select Save and close.

 

B. Deposit the refund

  1. Select Bank Deposit from the + New button.
  2. Choose the Account where you got the refund.
  3. In the Add funds to this deposit section, select the supplier under Received from column, Accounts Payable under the Account column, and enter the Amount of your refund.
  4. Tap Save and close.

 

C. Connect the refund deposit to the supplier credit

  1. Go back to the + New button and select Pay Bills or Expense.
  2. Select the bank deposit and the supplier credit you just created. Make sure the total is  $0.00.
  3. Tap Save and close.

 

Also, you'll want to visit our Help Articles page for more tips and references in managing your business with QuickBooks Online.

 

Need more help? Let me know by leaving a comment below and we'll respond as soon as we can.

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