ok, I SOMEHOW paid triple on a bill that was owed. Once this payment was made, another bill was issued. The vendor has contacted me to let me know that the current bill owed would be deducted from the credit amount and then a refund check would be sent to me for whats left over. How do i enter the refund check and what about the bill I still show owed? Without sending a actual payment for this bill, I don't know how to get rid of not oweing it anymore.
Hi,
You can enter credit from supplier by using enter bill document under supplier, just choose credit instead of bill, the amount will be deducted from supplier's balance and also reverse from expenses.
You can set credit when you do pay bills next month.
wpooi
Yes, but when the vendor sends a refund check for the credit, I need to know how to enter this payment. In my vendors list, it does show the credit.
Angie
You will need to use a general journal entry to resolve this.
QuickBooks does not have a facility for a cheque/cash refund from a supplier in the same way as it does for a customer.
Debit bank, cr Accts Payable, name of supplier.
Then resolve it through the paybills window and set a credit against the bill that is still showing as owing.
Bob Williams
Melbourne
My issue is kind of similar to this, and I susepct I need to use a journal entry to resolve it as well.
I paid two invoices which included freight, but then I picked the items up. Rather than re-issue the invoices the supplier said they will just leave a credit ($80) on my account and to just short pay the next invoice $80.
Thats fine but how do i get Quickbooks to show an $80 credit on the supplier account so i can use the credit when i go to pay the next bill?
ta
nathan
Nathan
Journal Entries are unnecessary 99.9% of the time & should be avoided - they are complex for anyone who is not familiar with accounting & do not reflect day-to-day operations. Instead, you need to "Re-create" the "Live" situation within QuickBooks:
Go into "Enter Bill" & click on the "Credit" radio button.
Enter the relevant details as you would for a bill eg Date, Amount ($80), Ref No. (CREDIT) etc.
On the "Expenses" tab, enter your expense account for freight/delivery (the same one you used on the bill), the original tax code and the amount.
Make a note in the memo that will identify what this credit relates to , then "Save and Close".
The credit creates the transaction as a minus amount and when you next "Pay Bills" for this vendor, they will have this credit amount of $80 available, which you can then apply to one of their bills, reducing that bill by $80 & leaving the balance as payable.
In my case I have a refund from a supplier who didn't deliver. I have created a credit as suggested, but my issue is that I will never have another bill from that supplier and hence cannot use the credit against a bill. They actually sent me a cheque and I want to account for that and the VAT but no idea how.
I have the same problem. I have received a cheque back from a supplier - I already paid for the service (which was not forthcoming). I have entered the money as a deposit using the supplier name and the appropriate nominal account but what do I do with the VAT amount? How do I get that refund to show in my next VAT return?
Bob's suggestion sounds good, except in my case, no bill comes up showing as owing. I have entered the amount of the supplier refund through the Enter Bills window as a Credit, but it does not show up as a bill to be paid, even when I select Show Bills for that Supplier, so I can't record it.
When you enter the refund via your "Make Deposits" screen, if you use "Äccounts Payable" as the "From Account", it will be displayed in your "Pay Bills" window & you can apply the credit to it.
Hey guys new here, first comment/question
I have a similar issue. We are a Construction company and when I back charge a subcontracor (vendor) I use the pay bill menu and issue a credit. How can I write a short description and have it show up and their check stub? As of this moment, it says credit, but I would also like it to say backcharge and then the description
TIA
It looks to me like the only way to have it show up on the check stub is to put the description of the backcharge in the reference line of the credit. You can only use a limited amount of characters here, however.
