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Panels Up Solar
July 17, 2022
Question

Recording a Credit

  • July 17, 2022
  • 1 reply
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Hi! I've been looking all through the forums, and it's probably my lack of knowledge but I'm having a hard time entering a credit from a vendor into QBO and have it match up. I do see the "Vendor Credit" and I did try to fill this out, and it still didn't match up with the transaction, so I'm hoping someone can walk me through this. The transaction came through my bank account and then items were either returned or never received, so Amazon issued a refund which comes through my bank account as a credit. When I enter a vendor credit, I do see it in my transactions, but it's not matching up with my bank download. I've checked the account, date, amount, etc. As an example, if I buy something on Amazon for $30 and Amazon charges me the $30 but 2 weeks later the item never arrived and Amazon then refunds me the $30, it is getting into my bank account, and it's downloading as a credit in my QBO, but how to do I actually match it up so QBO recognizes it? Hope that makes sense. And thank you for reading my rambling. 

1 reply

R
ReymondO
July 17, 2022

Thanks for sharing the details of your concern, @Panels Up Solar.

 

Allow me to help you record and match your vendor credits to your downloaded banking transaction. 

 

Once you create a vendor credit, this will show up on any open or future bills. Then, you can use it to offset your vendor's balance. 

 

Downloaded banking transactions won't match on any open or paid bills that are linked to vendor credits. This is the reason why you're unable to see it on the Find match section on the Banking page. 

In your case, you can simply apply the vendor credits to your bills (the item that you purchased but was canceled). Then, exclude your downloaded refund from the Banking menu.  

 

On the other hand, you can treat the downloaded refund as a bill payment. Simply create a bill and match it with your downloaded vendor credit. That way, you can link them together.

 

Please take note that once you do these steps then, you'll have to delete the vendor credit that you've created and replace it with a bill. 


To create a bill, simply follow these steps:

 

  1. Click +New and select Bill. 
  2. Choose a vendor and select a category or item.
  3. Enter the amount, then fill out the rest of the details. 
  4. When you're done, click Save and close. 

 

Once done, you can match it with your downloaded refund. If you're not sure about this process, you can also reach out to your accountant. That way, we can ensure that your books are accurate. 

 

In case you need to change or move a transaction to a different account, follow these steps to undo or unmatch it. After making all of your changes, you can now perform your monthly reconciliations.

 

Please get back to me if you have any other questions about handling your transactions in QuickBooks Online (QBO). I'm always here to help, @Panels Up Solar. Have a great weekend. 

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