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Davidwilman
October 31, 2022
Question

Processing an invoice with a refund from a rental supplier

  • October 31, 2022
  • 1 reply
  • 0 views

Hi I have a rental supplier I use that takes a rental deposit upfront, then issues a refund less the rental fee, how do I correctly account for this in QBO?

 

eg I payed £500 deposit on some equipment ive rented, a few days later im refunded £361.94, less the £138.06 rental fee.

1 reply

paul72
paul72
November 1, 2022

Hi @Davidwilman 

 

Personally, unless the deposit & refund are on different bank (or card) statements I wouldn't bother recording both - just record as a single nett payment of £138.06.

 

If you really want to show everything, you can enter the £500 as a Bill Payment (or a Cheque or Card Expense into Accounts Payable with NoVAT code).  This creates a credit of £500 against the Supplier.

Enter the Bill as usual for the rental.

Enter a Deposit (or Credit Card Credit) against Accounts Payable again using NoVAT.  This creates a Debit of £361.94 against the Supplier.

When you now go into Pay Bills you will see all three amounts - select all to close each one.

 

Hope this helps.

D
DavidwilmanAuthor
November 3, 2022

Thank you @paul72 I'll look into this as a fix

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