Record refund from vendor
How do I record a refund from a vendor? I purchased something with a credit card and later the vendor refunded a portion of the purchase. how do I go about recording that refund?
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aZlTKsX9mr3QjyacfA8pyY
11/02/09 9:17am PST
Viewed by asker 01/10/10 10:41am PST
Viewed by asker 01/10/10 10:41am PST
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5 Replies
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11/03/09 2:53pm PST
Go to the Make Deposit window and manually record the refund information on a blank line. The From Account will be the account you originally used for the purchase - which reduce the amount.
11/06/09 10:31am PST
QB pro 2009-contractor How do I post a refund on my debit card (cash account) from a vendor that I purchased with the same debit card AND purchased using the job-costing Items? Your method does not include tracking the item. Say, I buy $400.0 of concrete item at Home Depot, then return $200.00 of same item, for same job. All done on debit card, how do I account for that?
11/09/09 2:53pm PST
I tried the suggestion but the Credit Card account is not in my list of accounts that I can choose from on the Make Deposits window. Any other suggestions?
11/20/09 2:43pm PST
The solution
This is what I did:
1) Go to Vendors -> Enter Bills. Once in pay bills click the credit radio button (next to "Bill"). Fill in the appropriate information (Vendor name, credit amount, then fill in the appropriate "expenses or items" category). Click Save & Close.
- This step places a credit (what they owe you) on your books.
2) Go to Banking -> Make Deposits. If you have pending deposits a pop up will show them, just click cancel to get to the main deposit screen. Make sure the account that you want to deposit the refund into is selected and fill in Vendor Name in Received From, the "From Account" is Accounts Payable and then the amount . Click Save & Close.
- This step records the refund in your account but has not been balanced out of your books.
3) Go to Vendors -> Pay Bills. You should see the credit show up. Click the box next to the credit you just created. Then down below in the Discount & Credit Information for Highlighted Bill section you will see Number of Credits = * and Total Credits Available * (where * is your data). Click Set Credits -> Done. You can now cancel out of the Pay Bills window.
Voila! A payment has been refunded back to your debit card account and your books are balanced.
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Chris
11/20/09 5:11pm PST
Latest post
c3gpsdotcom.. . you rock as that was the perfect answer. Much thanks. It worked like a charm. Now if I can only apply a journal entry against old credits to get those off my aging, I'll sleep good at night. I'll submit that today.
