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Grimayoj
March 27, 2023
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Bank Wire Rejection

  • March 27, 2023
  • 1 reply
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I have what I hope to be a quick question and resolution.. I sent a wire to a vendor... Unfortunately it didnt go to the right account so the bank sent the wire back and then I was able to re-wire to the proper vendor account.. 
How do I record the money I got back from the bank? and actually they charged me $40 as well..

Thanks

Best answer by AbegailS_

This fantastic instructions however one issue.. The Add to Expense options doesnt show up even after clearing cache..


I appreciate you for trying out the basic troubleshooting steps provided by my colleague, @Grimayoj. 

 

Let me share some additional information to help you resolve your issue when adding an expense. 

 

Let's open your browser in incognito/private mode. This mode doesn't use the existing cache data files to load a web page. 

 

Here are the keyboard shortcuts to open a private browser: 

  • Google Chrome: press Ctrl+Shift+N 
  • Mozilla Firefox: press Ctrl+Shift+P 
  • Safari: press Command+Shift+N 

 

Also, using other supported browsers can help us narrow the cause of this behaviour.

 

If you've found no problems causing this with your browser, I'd recommend using a different device or internet connection. You'll want to contact our Customer Care team if it continues on other devices and internet connections. They can pull up your account securely, conduct further research, and create an investigation ticket if necessary.

 

Here's how:

  1. Use the Help (?) icon.
  2. Click Contact Us.
  3. Enter a description of your situation in the What can we help you with? field, then hit Let's talk.
  4. Select Start messaging or Get a call.

 

Please ensure to review their support hours, so you'll know when agents are available.

 

Lastly, here are some articles that you can read to help manage the expenses you incur on your customer's behalf:

 

 

Keep me posted if you have any other concerns or additional questions. I'll be around to help.

1 reply

AlcaeusF
AlcaeusF
March 27, 2023

Hi there, Grimayoj.

 

I can share the process of recording a bank wire rejection in QuickBooks Online (QBO).

 

The returned money can be recorded as a bank deposit in your bank account with the same category to reverse the posting on that account. Then, add another line for the charge or processing fee to reduce the total deposit.

 

Here's how to do it:

 

  1. In QBO, go to the + New button at the top left.
  2. Select Bank Deposit.
  3. In the Account drop-down, choose the account where you want to deposit the money.
  4. Go to the Add funds to this deposit section and select the vendor who gave you the refund. Also, add the wire fee charged (the amount is in minus to negate the total returned payments).
  5. Choose Accounts Payable from the Accounts column.
  6. Enter the amount of your refund.
  7. Hit Save and close.

 

They remain open to the vendor profile and can be applied to future bills and expenses accidentally. So, our next step is to link and close them through a bill payment transaction.

 

To do is, you can create an expense and add the deposit and the first expense transaction. This will turn into a bill payment (check) when saved. You may add a memo so you can easily recognize it in the future.

 

Here's how:

 

  1. Go back to the + New option, then select Expense.
  2. Choose the vendor's name in the Payee drop-down.
  3. In the Add to Expense section at the right, click the Add option to the deposit and the first expense transaction.
  4. Once done, tick Save and close.

 

To know more about managing wire transfers, bill payments and vendor refunds, consider checking out these articles:

 

 

You can also reconcile your account at the end of the month to ensure your accounts are balanced and accurate. You can refer to this article for further guidance: Reconcile an account in QuickBooks Online.

 

For more tips and other resources you can use in the future, I recommend visiting our website: Self-help articles.

 

Please let me know if you have more questions about this or anything else. I'll be happy to answer them. Take care.

G
GrimayojAuthor
March 27, 2023

FritzF

When you refer to the vendor in the below instruction do you mean the bank that rejected the money or the vendor who I was attempting to send money to?

 

Go to the Add funds to this deposit section and select the "vendor" who gave you the refund

 

THANKS

JenoP
JenoP
March 27, 2023

Joining to here to answer your follow-up questions about recording refunds, Grimayoj.

 

If you want to include this transaction in the vendor's profile, select the name of the payee the original payment was intended for. This way, the refund will be part of the list when running transaction reports.  

 

However, I would still recommend reaching out to your accountant for additional advice on this matter.

 

Let me also share these articles for additional guidance when managing vendors in QBO: 

 

 

Don't hesitate to ask follow-up questions if you still need more help when recording vendor-related transactions. The Community is always here if you need anything else. 

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