Skip to main content
M
Maverick2
April 4, 2022
Solved

Enter a payment not associated to a vendor or an invoice

  • April 4, 2022
  • 2 replies
  • 0 views

I have read this QB help article: Record a vendor refund... etc.

 

I got a check from my car insurance company. A rebate. Not related to an invoice. Do I have to do Scenario 3? Seems complicated.

 

Can I just do this?:

1. Click the Banking menu.

2. Select Make Deposits.

3. From the Deposit to choose the Business CC account.

4. In the RECEIVE FROM, you can leave this blank.

5. In the FROM ACCOUNT, select an income account.

6. Enter the amount.

7 Hit Save & Close.

 

OR, should Scenario 3 be done so it reduces the expense account associated with my car insurance?

Best answer by BigRedConsulting

What you're doing is fine.

 

Scenario 3 is for the case where the refund should be applied to the vendor account - if you have returned something you purchased, for example, and need to remove it from inventory by returning it with a bill-credit.

 

In this case, you are getting a refund check, a rebate on insurance. So, not something you purchased to re-sell, and really you probably don't even need to track insurance payments through A/P.

2 replies

BigRedConsulting
BigRedConsultingAnswer
April 4, 2022

What you're doing is fine.

 

Scenario 3 is for the case where the refund should be applied to the vendor account - if you have returned something you purchased, for example, and need to remove it from inventory by returning it with a bill-credit.

 

In this case, you are getting a refund check, a rebate on insurance. So, not something you purchased to re-sell, and really you probably don't even need to track insurance payments through A/P.

    M
    Maverick2Author
    April 4, 2022

    Thanks @BigRedConsulting , you are always a big help!

      R
      rvrfrf
      April 4, 2022

      Thanks for getting in touch with the Community, Maverick2.

       

      To properly identify which scenario you should use to enter a check from your car insurance company, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

       

      Here's how it works:

      1. Go to our Find a ProAdvisor page.
      2. Use the City or ZIP search field to specify a location.
      3. Select Find a ProAdvisor.
      4. Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

       

      Once you've found an accountant, they can be contacted through their Send a message form:

      1. Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
      2. Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
      3. Hit Send message.

       

      You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

       

      Please don't hesitate to send a reply if there's any questions. Have an awesome Monday!

      Terms & ConditionsAccessibility statement