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October 16, 2022
Question

How do I enter a General Liability premium refund on overpayment?

  • October 16, 2022
  • 1 reply
  • 0 views

I received a refund payment from our insurance company for Overpayment on the GL Premium. How do I apply that in QB Online? 

1 reply

Rubielyn_J
October 16, 2022

I'm here to walk you through how to enter a refund payment in QuickBooks, @Da1andonlyT.

 

In QuickBooks Online, we record a refund depending on how your company pays for it. Based on your situation, we can deposit the money you got from the refund.

 

Here's how:

 

  1. Click +New and select Bank deposit.
  2. In the Account dropdown menu, choose the account where you got the refund.
  3. In the Add funds to this deposit section, fill out the following fields.
  • Received from: Choose the vendor who gave you a refund.
  • Account: Select Accounts Payable
  • Payment method: Enter the mode your vendor used to refund you.
  • Amount: Enter the amount of your refund.

      4.Click Save and close.

 

I'm also adding these articles to help manage customer and vendor credits in QuickBooks:

 

 

Feel at ease to comment below if you have further concerns with recording a refund payment from your insurance company for an overpayment. I'll be around to help you out. Keep safe!