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victoriah1956
January 5, 2024
Question

Vendor credits via ACH to bank account (In QBDT)

  • January 5, 2024
  • 1 reply
  • 0 views

IN QuickBooks Help, there is an article that explains 5 separate scenarios for recording a Vendor Refund in QBDT.

#5 looks closest to my scenario - in that we pay everything via ACH and receive refunds from Vendors by ACH as well - they go directly to the bank account.

  QUESTION IS - Will the below Scenario 5 work for ACH the same way as it works for a Credit Card?  (although our credit from the vendor for RETURNS of non-inventory items is applied to our bank account via ACH).?

 

Scenario 5: The vendor sends you the refund as a credit card credit

  1. Go to the Banking menu, then select Enter Credit Card Charges.
  2. From the Credit Card drop-down, select the credit card account.
  3. Select the Refund/Credit radio button.
  4. Choose the appropriate Vendor name and enter the Date, Ref No, and Amount.
  5. Enter an appropriate memo to describe the transaction.
  6. If you returned Items, select the Item tab and enter the Items and Amounts from the refund.
  7. If the refund does not have Items, select the Expenses tab, select the appropriate Accounts and enter the Amount.
  8. Select Save & Close.

1 reply

I
IrizA
January 5, 2024

Thank you for providing me with detailed information, victoriah1956. Let me share some ideas that can help you further as you make transactions via ACH. 

 

Regarding your question about the Scenario 5 will work for ACH the same way as with Credit Card, If we're on the same page, I recommend that you follow Scenario 1 so that you can add the ACH as your mode of payment while making transactions. 

 

Here's how: 

 

Step 1: Record a deposit of the vendor check. 

 

  1. Go to the Banking menu and then select Make Deposit. 
  2. You'll be prompted with a tab named Payments to Deposit. Click Ok. 
  3. Click the Received from dropdown and choose the name of your vendor. 
  4. In the From account dropdown, choose the account that you prefer. 
  5. Click the PMT METH dropdown, press the <Add New> option. 
  6. Under the Payment Method, type ACH. Then choose a Payment Type by clicking the dropdown icon and then hit OK. 

 

Step 2: Record a Bill credit for the refunded amount. 

 

  1. From the Vendors menu, select Enter Bills.
  2. Click the Credit radio button located at the top of the named Bill. 
  3. Click the Vendor dropdown and enter the Vendor name that you prepared.
  4. Select the Expenses tab and enter the Accounts on the original bill.
  5. In the Amount column, enter the amount. Then click Save and Close. 

 

Step 3: Link the deposit to Bill Credit. 

 

  1. Go to the Vendors menu and choose Pay Bills.
  2. Ensure that the Deposit amount and the Vendor check amount match. 
  3. Click Set Credits and apply for the Bill credit. Select Done. 
  4. Choose Pay Selected Bills and then click Done. 

 

You can also refer to this material to learn more about the steps that I've mentioned above: Record a vendor refund in QuickBooks Desktop. 

 

In addition, you can also learn how to pay your bills online from within the QuickBooks Desktop product.

 

If you have further concerns or information, please leave a comment below so that we can assist you. 

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