![]() If you had already deposited the refund check, follow the above steps, but then you’ll need to make a journal entry in order for your bank to reconcile. This zeros out the transaction on the Vendor file and the refund will show up in your bank account for reconciliation. Click Done, Pay Selected Bills, and Done. Now go back to the Vendors menu and select Pay Bills.Ĭheck the Deposit that matches the Vendor check amount.Ĭhoose Set Credits (near the bottom of the screen in the middle) and apply the Bill Credit. ![]() This is important: In the From Account column, choose the Accounts Payable account where the vendor resides (you probably only have only one, but if more, be sure to select the appropriate one.)Įnter the Amount of the refund received and Save & Close. In the Make Deposit screen, select Received from and choose the vendor who sent the refund. To clear it out, go to Banking, Make Deposits. This will show the vendor with a large credit. Input the Amounts in the appropriate accounts and Save and Close. ![]() On the Expenses Tab, enter the Expense Account (or Accounts) where you charged the original invoice. Select the Credit circle button (top left hand corner-not obvious, but next to the word Bill)Įnter the Vendor name. If you need the vendor account corrected, you’ll need to approach it from a different way. Just be sure to choose the account or accounts the original bill amount went to, so your expenses are correct. If you don’t need to send him a Form 1099 (for independent contractors) and it isn’t important from your management reporting requirements, you can deposit the check through the Banking, Make Deposits screen. This is easily handled in QuickBooks and other accounting systems, because it is so common.īut sometimes, the vendor will issue you a check back. If the vendor is a recurring one and the amount isn’t too high, they will usually issue a credit memo to be taken off the next month’s bill. Vendors over bill us or we accidentally overpay them.
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