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Oct 28, 2021 11:34 AM UTC
Question

I have refund for a supplier how do i post it to their account to clear balance

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1 reply

Oct 28, 2021 1:47 PM UTC

Hi lesley-fssc, thanks for joining us here on the Community 🙂

 

If the refund is for a purchase that has been recorded in QuickBooks, you can follow the steps below to record this, which will then allow you to match to the refund showing in the bank:

 

1. Create a supplier credit (+ New -> supplier credit​)
2. Choose the correct date and supplier, enter the amount, choose VAT
3. Select + New > bank deposit
4. Choose the correct bank account, choose the date when the money actually hit your account

5. Scroll to 'add funds to this deposit' and set the 'Amounts are' drop-down to 'no VAT'
6. For Received from choose the correct supplier, for the account choose Creditors, enter the amount & save
7.  Go to the supplier's page and select New transaction > cheque
8. Tick the deposit against the supplier credit and save

9. Match the deposit against the transaction on your banking screen

 

Please note, if the refund is for an overpayment and the overpayment is already showing on the suppliers' account, you can skip straight to step 3.