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Paul_Nashville
April 11, 2024
Question

How do I assign a receipt for a part I returned to the vendor for cash?

  • April 11, 2024
  • 1 reply
  • 0 views
When importing my receipts for expenses, I found several for items I returned. How do I assign them to the purchase returns and allowances account category?

    1 reply

    E
    Erika_K
    April 11, 2024

    I'm here to help you assign your returned purchases, Paul. 

     

    In QuickBooks, if you have imported these receipts, we can locate them in the Bank Feeds sections. In selecting the correct accounts for these transactions, I highly suggest seeking an accountant's advice to assist and provide you with accurate financial guidance. 

     

     I'll show you how you can assign categories: 

     

    1. Go to the Bank transactions page.
    2. On the For review tab, select the receipts.
    3. Under the Account dropdown list, choose the correct account.
    4. Enter the necessary details and click Add.

     

    Also, you can choose the batch-delete option by ticking the tickboxes beside the Date column. If you do so, you can select the Edit option. After that, a prompt will appear, and we key in the missing details. On the Account dropdown menu, you can choose an account. Once done, click Apply and accept. You can check out the image below if visual reference.


    However, if these receipts show credit, I recommend we create a vendor credit instead. Then, we deposit the cash you got from your vendor.

    Moreover, I've included articles to help you with managing your sales forms, commonly asked questions about the import processes, and how you can download your data from QuickBooks Online (QBO):

     

     

    Keep me in the loop if you have further questions about classifying your imported data in QuickBooks. I'll be sure to offer a helping hand. Take care! 

    P
    Paul_NashvilleAuthor
    April 12, 2024

    Hello, 

     

    Thank you for your reply; unfortunately, this does not address my question. 

    I tried your group assignment idea but I do not have the field you mentioned

     

     

     

    My receipts show credit, not a debit. All that shows in my options for receipt categorization are debits. In a perfect world, I would like QB to adjust my expenses with the credit from my Purchase Returns and Allowances Account.

     

    How do I identify my receipt as a credit to my expenses?

     

    Thank you

    C
    CharleneMaeF
    April 12, 2024

    Hi there, Paul. I'm here to help you properly handle the returned items for cash in QuickBooks Online (QBO).

     

    Assigning the returned items to the purchase return and allowances account category isn't possible in QBO. Since the products are paid by cash, we'll have to deposit them in QuickBooks Online instead. It ensures that the credit hits the expense account you use for this vendor. 

     

    Beforehand, make sure you created a vendor credit. Here's how:

     

    1. Go to + New and select Vendor credit.

    2. In the Vendor dropdown, choose your vendor.
    3. Enter the Category or Item details depending on how you record purchases with this vendor. 
    4. Usually, this is the category, product, or service you're getting credit for.
    5. Once done, click Save and Close.

     

    Once done, deposit the cash you receive from the vendor. I'll show you how:

     

    1. From + New, select Bank deposit.

    2. In the Account dropdown menu, choose where you put the refund.
    3. On the Add funds to this deposit section, fill out the following fields to complete the transaction.
    4. Ensure to enter Accounts Payable from the Account field. 
    5. Add Cash as a Payment Method.
    6. Hit Save and Close.

     

    If you're still unsure, you can reach out to your accountant for more alternatives to track the money.

     

    Moreover, this guide can serve as your reference on recording a credit from a vendor: Enter vendor credits and refunds in QuickBooks Online. 

     

    Meanwhile, regarding the receipts, QuickBooks only reads them as debit since they are expenses. Changing them is unavailable in QBO.

     

    Additionally, I've added this article that can help you learn more about the receipt tracking feature: Upload your receipts to QuickBooks Online.

     

    The thread is always open if you have additional questions about the process. Please don't hesitate to keep me posted, and I'll get back to you.

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