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GalinMcMahon
August 29, 2022
Question

How to create credit against invoice?

  • August 29, 2022
  • 1 reply
  • 0 views

I was able to find help in creating a credit for a cc refund but there's one more step.

 

  • We paid multiple invoices with 1 credit card payment
  • Vendor issued a cc refund for 1 of those invoices 
  • We need to both create a refund in QB AND open that invoice back up as unpaid
  • Altering the original payment is not an option as it will hit the statement with this payment made PLUS the refund will be a 2nd statement entry

 

What steps should I follow?  Using Enterprise Contractor 21.0.

1 reply

M
Maybelle_S
August 29, 2022

Good to see you here in the Community, @GalinMcMahon.

 

In QuickBooks Desktop (QBDT), we can create a journal entry to offset the initial transaction. We can choose Accounts Payable in credit and credit card under debit.

 

Here's how:

 

  1. Go to the Company menu, then choose Make General Journal Entries.
  2. From the Account drop-down arrow, choose Accounts Payable.
  3. Choose your vendor from the "Name" drop-down arrow.
  4. On the second line, select "Credit Card" from the Account drop-down.
  5. Enter the total amount of the refund from the Debit column.
  6. Hit Save & Close.

 

I'd also recommend seeking assistance from your accountant for further guidance in making this journal entry. This way, they can guide you in choosing the account.

 

I've added this article about recording refunds you receive from vendors: Record a vendor refund in QuickBooks Desktop. From there, you can choose the appropriate scenario and follow the recommended steps.

 

Please let me know if you have other questions or concerns with vendor payment and credits. I'm always here to help. Take care and have a great day ahead.

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