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rigojr-hotmail-c
October 1, 2024
Solved

Register a bill payment twice along with an Accounts Receivable

  • October 1, 2024
  • 1 reply
  • 0 views

Dear QB community! I come seeking your guidance on a matter.

 

I paid a vendor $20,000 via ACH but the vendor is undergoing a merger so his bank account was frozen during the process. He reached out to my employer asking for help with his cashflow and requested a second payment to another bank, of the same bill, when the bank releases his account he would return us the $20,000.

 

In my Bank Transactions section I have the last $20,000 that were paid pending to be added. In Expenses section, the vendor doesn't have any opened bills (since the bill in question was paid). 

 

Please provide me with guidance on how to register the $20,000 that is downloaded from the bank feed and also help me create an accounts receivable for the "Vendor" for the $20,000 that were sent previously. 

 

Thanks so much for your help!

Best answer by LouiseG12

I'm here to guide you in recording the bill payment in QuickBooks Online (QBO), rigojr.

 

First, we'll need to create a bank deposit to record the refund:

  1. Click the + New button on the upper left menu and select Bank Deposit.
  2. In the Bank Deposit window, go to the Add funds to this deposit section.
  3. Under the Receive From column, select the supplier.
  4. Under the Account column, choose Creditors (Accounts payable) as the affected account.
  5. Enter the amount.
  6. Lastly, click Save and close.

 

Then, create a check or expense entry to link the transactions and offset the amount, as there are no open bills to associate the transactions with.

 

  1. On the upper left panel, click the + New button and click Cheque or Expenditure.
  2. Choose the supplier in the Payee field.
  3. In the Category field, enter Creditors (Accounts payable), then include an Amount.
  4. Click Save and close.

 

Once done, match the bank deposit you've created in the Bank Transactions section.

 

Moreover, I'll be sharing this reference that'll guide you in running reports for your suppliers for the payments they made: Run a report with supplier totals.

 

If you have follow-up questions, please don't hesitate to add a comment below. We'll get back to you as soon as possible.

1 reply

L
LouiseG12Answer
October 1, 2024

I'm here to guide you in recording the bill payment in QuickBooks Online (QBO), rigojr.

 

First, we'll need to create a bank deposit to record the refund:

  1. Click the + New button on the upper left menu and select Bank Deposit.
  2. In the Bank Deposit window, go to the Add funds to this deposit section.
  3. Under the Receive From column, select the supplier.
  4. Under the Account column, choose Creditors (Accounts payable) as the affected account.
  5. Enter the amount.
  6. Lastly, click Save and close.

 

Then, create a check or expense entry to link the transactions and offset the amount, as there are no open bills to associate the transactions with.

 

  1. On the upper left panel, click the + New button and click Cheque or Expenditure.
  2. Choose the supplier in the Payee field.
  3. In the Category field, enter Creditors (Accounts payable), then include an Amount.
  4. Click Save and close.

 

Once done, match the bank deposit you've created in the Bank Transactions section.

 

Moreover, I'll be sharing this reference that'll guide you in running reports for your suppliers for the payments they made: Run a report with supplier totals.

 

If you have follow-up questions, please don't hesitate to add a comment below. We'll get back to you as soon as possible.

R
rigojr-hotmail-cAuthor
October 2, 2024

Dear @LouiseG12 ,

 

Thanks so much for your help. I have a question regarding your approach. I still haven't received the refund. I should receive by next week. In your response, when you suggest making a bank deposit, is that to make an accounts receivable entry? Sorry, I'm a little lost and would appreciate a little more clarification.

 

Thanks in advance!

C
Carneil_C
October 2, 2024

I appreciate your reply and adding clarifications to your concern, rigojr.

 

I'm here to add information about recording the payment in QuickBooks Online (QBO).

 

Yes, it would make an accounts receivable entry once you receive the refund. That's when you create a bank deposit and choose the Creditors (Accounts Payable) as the affected account.

 

You can make an expense or check to match it from the additional payment your vendor has asked for.

 

After the deposit for the refund has been made, you can link it to the check.

 

In addition, I've also added these great resources that'll help you customise your reports based on the information you need, as well as how to save their current customization settings:

 

 

You can always reply if you have other questions about managing your vendor transactions in QBO. I'll get back here as soon as possible to help you again. Thanks for dropping by, and stay safe always.

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