Supplier Credit statement

Hi there, keith. I'm here to help you match your transactions in QuickBooks Online.

Beforehand, do you want to enter a supplier credit to match it with your bank statement? Adding additional details will help us provide accurate steps to fix this.

How you enter the refund depends on how you record your purchases. Choose the section below that applies to you. If unsure, ask your accountant. 

You enter expenses or write cheques:

1. First, ensure you have already created the initial expense or cheque in QuickBooks and assigned a Category/Account to it.
2. Select + New and then Bank Deposit.
3. Go to the Add funds to this deposit section:
   • Enter the amount refunded by the supplier and choose the Category/Account that you selected on the initial expense or cheque.
   • If this refund was for an expense that you linked to a customer or project, select the Track returns for customer checkbox, then select the customer or project. That way, your costs will not be overstated.
4. If you deposited customer payments for invoices into the bank account along with the supplier refund, add them in the Select the payments included in this deposit section.

You enter bills you plan to pay later:

To start, create a supplier credit:

1. Select + New.
2. Select Supplier credit.
3. In the Supplier ▼ dropdown, select your supplier.
4. Depending on how you record purchases with this supplier, enter the Category details or Item details. Usually, this is the category, product, or service you’re getting credit for.
5. Select Save and close.

Then, apply a supplier credit toward any open or future bill. When you’re ready to use the credit, here’s how to do it.

1. Select + New.
2. Select Pay bills.
3. Select a bill for your supplier from the list. You'll see the available credit with this supplier in the Credit Applied field.
4. Complete the rest of the fields like you normally do.

Match supplier refunds and credits:

Matching supplier refunds to supplier credits is an important accounting process that helps ensure that all accounts receivable and accounts payable balances are accurate.

First, enter the supplier refund:

1. Select + New.
2. Select Bank deposit.
3. In the Account dropdown menu, choose your bank account.
4. In the Add funds to this deposit section:
   • Received from: Select the supplier who gave you a refund.
   • Account: Select Creditors.
5. Enter the amount.
6. Select Save and close.

Then, match the refund to the credit:

1. Go + New and then select Cheque.
2. In the Payee dropdown, select the supplier.
3. Look for the Deposit and Credit, and select Add.
4. Hit Save and close.

I'm still all ears if you need further assistance with your expenses, running reports, etc. Just add your reply below and I'll circle back to help you.