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hello-eventsbyon
May 10, 2024
Question

How do I record a refund that was received from a supplier as a result of us overpaying them?

  • May 10, 2024
  • 1 reply
  • 0 views
There were last minute changes to services which reduced our amount payable to the supplier; however, the previous (higher) payment (wire transfer) had already been processed so the customer sent the excess money back.

1 reply

M
MirriamM
May 10, 2024

I can help you record the refund you received from your supplier for the overpayment you've made, hello.

 

You can create a bank deposit to offset the overpayment and record the refund. To do this, I'll be happy to guide you how:

 

  1. In the left menu, click the + New button.
  2. Select Bank deposit.
  3. Go to the Add funds to this deposit section.
  4. Pick the Vendor's name in the Received from column.
  5. Choose Accounts Payable for the Account.
  6. Enter the Payment Method and the Amount of the refund or overpayment.
  7. Select Save and close.

 

That's it, hello! You're now able to record the refund you received from your supplier.

 

In case you want to track and record receipts from your suppliers, you can capture them to your QuickBooks Online account from your computer, for more information about this, check out this article: Upload your receipts to QuickBooks Online.

 

We're always ready to back you up if you need more help in QuickBooks Online, hello. Don't hesitate to add your reply below, and we'll circle back to assist you.

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