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carnak878
May 26, 2021
Solved

Link a deposit to an item

  • May 26, 2021
  • 1 reply
  • 0 views

I track our veh exps with items for ea veh.  When I post a repair reimbursement, how can I link it to the item, to offset expenses?

Best answer by GlinetteC

I can help you with how to handle this, carnak878.

 

First, record a Deposit of the vendor check. I'll show you how:

 

  1. From the Banking menu, select Make Deposits.
  2. If the Payments to Deposit window appears, select OK.
  3. In the Make Deposits window, select the Received from the drop-down and choose the vendor who sent you the refund.
  4. In the From Account drop-down, select the appropriate Accounts Payable account.
  5. In the Amount column, enter the actual amount of the Vendor check.
  6. Enter the remaining information in the Deposit.
  7. Select Save & Close.

Next, record a Bill Credit for the returned items. Here are the steps:

 

  1. Go to the Vendors menu, then select Enter Bills.
  2. Select the Credit radio button to account for the return of goods.
  3. Enter the Vendor's name.
  4. Select the Items Tab.
  5. Enter the returned items with the same amounts as the refund check.
  6. Select Save & Close.

Lastly, link the deposit to the Bill Credit. Here's how:

 

  1. Go to the Vendors menu, then select Pay Bills.
  2. Check the Deposit that matches the Vendor check amount.
  3. Select Set Credits and apply the Bill Credit you created earlier then select Done.
  4. Select Pay Selected Bills, then select Done.

Feel free to add a comment if you have additional questions. I'm here to help.

1 reply

G
GlinetteCAnswer
May 26, 2021

I can help you with how to handle this, carnak878.

 

First, record a Deposit of the vendor check. I'll show you how:

 

  1. From the Banking menu, select Make Deposits.
  2. If the Payments to Deposit window appears, select OK.
  3. In the Make Deposits window, select the Received from the drop-down and choose the vendor who sent you the refund.
  4. In the From Account drop-down, select the appropriate Accounts Payable account.
  5. In the Amount column, enter the actual amount of the Vendor check.
  6. Enter the remaining information in the Deposit.
  7. Select Save & Close.

Next, record a Bill Credit for the returned items. Here are the steps:

 

  1. Go to the Vendors menu, then select Enter Bills.
  2. Select the Credit radio button to account for the return of goods.
  3. Enter the Vendor's name.
  4. Select the Items Tab.
  5. Enter the returned items with the same amounts as the refund check.
  6. Select Save & Close.

Lastly, link the deposit to the Bill Credit. Here's how:

 

  1. Go to the Vendors menu, then select Pay Bills.
  2. Check the Deposit that matches the Vendor check amount.
  3. Select Set Credits and apply the Bill Credit you created earlier then select Done.
  4. Select Pay Selected Bills, then select Done.

Feel free to add a comment if you have additional questions. I'm here to help.

T
TMB5
October 17, 2021
How do I link a deposit to a bill credit in QuickBooks desktop?
 
All instructions to apply credits to a deposit are given as follows: 
 
""Go to the Vendors menu, then select Pay Bills. Check the Deposit that matches the Vendor check amount. Select Set Credits and apply the Bill Credit you created earlier then select Done. Select Pay Selected Bills, then select Done. "
However , when I go in my "PAY BILLS" my deposit does not show in this screen in order for me to apply the credit. I know there is something I am doing in ignorance, but I cannot figure this out, Please help.
 
Thank you, TMB
BettyJaneB
BettyJaneB
October 17, 2021

I'm happy to see you here in the Community, @TMB5.

 

You've got me here to ensure that you'll be able to link your deposit to the vendor credit in QuickBooks Desktop.

 

When linking a deposit to a vendor credit make sure that there was a credit created. This way, you'll be able to select the Set Credit option to zero out the bill.

 

To do that:

  1. From the Vendors menu, select Enter Bills.
  2. Select the Credit radio button to account for the return of goods.
  3. Enter the Vendor name.
  4. Select the Expenses tab and enter the Accounts on the original bill.
  5. In the Amount column, enter the appropriate amount for each Account (the amounts may have to be prorated).
  6. Select Save and Close.

Once done, you may follow the steps that you've performed above and make sure to select the deposit that matches the vendor check amount. Please see the sample snip attached for your reference: 

 

To learn more about recording vendor refunds depending on the situation that you're in, please check out this great resource: Record a vendor refund in QuickBooks Desktop.

 

I'm also adding here some links that you can use in the future in case you'll need to record customer refund and make deposits in QBDT:

If you happen to have further questions, please reach back out to me here. I'll make sure you're all set. Take care, @TMB5.

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