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gpoulos
March 8, 2023
Question

how to input a refund from a vendor in quickbooks 2011 mac

  • March 8, 2023
  • 1 reply
  • 0 views

I received a credit from USPO for a bill that was paid in the previous month. Can you assist me on entering a refund/credit and how to reconcile on the month end? 

 

This is what I did but it is not allowing me to reconcile in banking.

 

Scenario 1: The vendor sends you a refund check for a bill that is already paid

  1. Record a Deposit of the vendor check:
    1. Go to the Banking menu, then select Make Deposits.
    2. If the Payments to Deposit window appears, select OK.
    3. In the Make Deposits window, select the Received from drop-down and choose the vendor who sent you the refund.
    4. In the From Account drop-down, select the appropriate Accounts Payable account.
    5. In the Amount column, enter the actual amount of the Vendor check.
    6. (Optional) Enter a memo, check number, payment method, and class.
    7. 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 to account for the return of goods.
    3. Enter the Vendor name.
    4. Select the Expenses tab and enter the Accounts on the original bill.
    5. In the Amount column, enter the appropriate amount for each Account (the amounts may have to be prorated).
    6. Select Save and Close.
  3. Link the deposit to the Bill Credit:
    1. From the Vendors menu, 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. Select Pay Selected Bills, then select Done.

 

1 reply

JaeAnnC
JaeAnnC
March 8, 2023

Thanks for swinging by in the Community, gpoulos.

 

You're on the right path for recording a vendor refund in QuickBooks Desktop (QBDT) for Mac. Let me assist you in running several reports so you can resolve discrepancies when reconciling an account.

 

If a previously cleared transaction in your register was voided, altered, deleted, or added since your last reconciliation, your beginning balance will be incorrect. 

 

To resolve the issue, you can follow the account activity from the previous reconciliation until you identify the discrepancy. Running these reports can help: Reconciliation Discrepancy report, Previous Reconciliation report, Bank Account QuickReport, and Audit Trail report.

 

To do that:

 

  1. Go to the Reports menu.
  2. Select Banking.
  3. Choose the specific report. 

 

For more details, please refer to this article: Find reconciliation discrepancies (Mac).

 

I'll also share this article if you run into an error when using online banking: Fix online banking issues in QuickBooks Desktop for Mac. It has the necessary troubleshooting options to connect your bank to QBDT Mac seamlessly.

 

Please let me know in the comments below if you have any follow-up questions about recording a vendor refund and reconciling an account. The Community is always open to assist you anytime. Stay safe!

    G
    gpoulosAuthor
    March 8, 2023

    Thank you for responding but I am not able to pay the credit. This is the steps that I followed but was not able to Select Pay Selected Bills, then select Done on the last steps. 

     

    Any help is greatly appreciated.

     

     

     

    Scenario 1: The vendor sends you a refund check for a bill that is already paid

    1. Record a Deposit of the vendor check:
      1. Go to the Banking menu, then select Make Deposits.
      2. If the Payments to Deposit window appears, select OK.
      3. In the Make Deposits window, select the Received from drop-down and choose the vendor who sent you the refund.
      4. In the From Account drop-down, select the appropriate Accounts Payable account.
      5. In the Amount column, enter the actual amount of the Vendor check.
      6. (Optional) Enter a memo, check number, payment method, and class.
      7. 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 to account for the return of goods.
      3. Enter the Vendor name.
      4. Select the Expenses tab and enter the Accounts on the original bill.
      5. In the Amount column, enter the appropriate amount for each Account (the amounts may have to be prorated).
      6. Select Save and Close.
    3. Link the deposit to the Bill Credit: 
      1. From the Vendors menu, 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. Select Pay Selected Bills, then select Done.
    G
    gpoulosAuthor
    March 8, 2023

    I was able to do steps 1 & 2 but not step 3 Link the deposit to the bill credit. 

     

    I go to Vendors-Pay Bills- but it does not allow me to pay the bill as a credit. what am I doing wrong?

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