I have returned an Inventory Part to the Vendor. I want to record the credit from my bank statement AND reflect the inventory adjustment

Welcome to the Community, @elpaso2020.

Let me guide you through the process of recording a vendor refund when it was sent as a credit card credit. Here's how:

1. Go to the Banking menu, then choose Enter Credit Card Charges.
2. Select the credit card account from the Credit Card dropdown.
3. Click the Refund/Credit radio button.
4. Pick the appropriate Vendor name and enter the Date, Ref No, and Amount.
5. Input an appropriate memo to describe the transaction.
6. If you returned items, choose the Item tab and enter the Items and Amounts from the refund.
7. If the refund does not have items, select the Expenses tab, then the appropriate Accounts and enter the Amount.
8. Hit Save & Close.

For more detailed information, you can visit this article: Record a vendor refund in QuickBooks Desktop.

Just in case you need guidance in refunding a customer, check out this article: Void or refund customer payments in QuickBooks Desktop.

Let me know if you require further assistance with recording a vendor refund when it was sent as a credit card credit. I'm always here to help.

@elpaso2020 

"However, while it resulted in a correct inventory of that item, it has recorded the credit to the expense account associated with the purchase."

Something's amiss in your description.  If this is an inventory part, then there should not have been an expense recorded when you purchased it because, when you purchase inventory items, they are put into your inventory asset account (debit) so you cannot also have an expense (also a debit).  

Based, on your original post, you want to show a decrease in inventory (credit) as well as a decrease (debit) to your credit card liability.  The proper way to do that is to record a credit card credit as described by @jeanbiverly_ .  That will post a debit (decrease) to your credit card liability and a credit (decrease) to your inventory asset account.  The only way that doesn't happen is if you have an expense account listed under 'Asset Account' in the item set up.  Then, it would post a debit (increase) to your credit card liability and a credit (decrease) to the expense account.  But, you can't have a decrease to your inventory (credit) and an increase in your expense (debit) unless you're using a journal entry or some other odd entry so, again, something sounds amiss to me.