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meganrosecransps
January 19, 2021
Question

How to credit a credit card

  • January 19, 2021
  • 5 replies
  • 0 views
How do I credit my business credit card. I had a vendor refund me money and cannot figure out how to reflect this in quickbooks intuit.

5 replies

mazar
January 19, 2021

Hello,

 

You can click the NEW button and select CREDIT CARD CREDIT.

 

The Payee will be your vendor

The Bank/Credit account will be the credit card account they issued the credit to

 

Below for CATEGORY, use the same expense account that you originally used when doing the charge for that vendor.  That way it reduces the expense for that expense account and also increases the available credit back onto your credit card.

 

meganrosecranspsAuthor
January 26, 2021

I do not know what you mean by click NEW. IS that NEW EXPENSE? There is no CREDIT CARD CREDIT under the EXPENSE tab. I'm using Inuit Online Quickbooks if that makes a difference.

jamespaul
January 26, 2021

Hello, meganrosecransps. 

 

Thanks for getting back to us. I'm here to clarify the steps provided by MarshallA.

 

What MarshallA meant is that the + New button is located on the left panel. To elaborate the steps: 

 

  1. Click the + New button, then select Credit card credit. 
  2. Under Payee, select the vendor's profile. 
  3. For the Bank/Credit account drop-down menu, choose your credit card account. 
  4. Enter the same expense account or item you bought from the vendor. 
  5. Add the amount refunded.
  6. Enter any other important details such as memo, reference number, etc..
  7. Once done, click Save and close. 

 

 

Doing this will decrease your credit and the expense accounts' balances. 

 

If you need help managing your credit card account, visit this article for more details: Record your payments to credit cards.

 

Need to reconcile your credit card account? You can check this article for the workflow: Reconcile an account in QuickBooks Online.

 

I'll help you manage your transactions or records in QuickBooks Online again. Just lay down the details in your reply and I'll get back to you with the guides and such. 

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