How to Record a Vendor Refund in Quickbooks?

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How to Record a Vendor Refund in Quickbooks?

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QuickBooks offers all its users an easy way to record a refund from the vendor and we are going to discuss this process in a step by step method so that you can understand it in a better way. But when the vendors send you a refund check for the paid bills then you will have to complete the process of record a vendor refund in QuickBooks.

Points to Record Vendor refund in QuickBooks Desktop

The merchant gives a refund test for a paid bill

1. Record a Deposit of the seller test

In the Banking menu click on make deposits option
If the payments to deposit window have arrived, click on Ok button
In the make deposit window, click on obtained from the alternative inside the drop-down menu and choose the vendor who sent you the refund
In the From, Account drop-down menu pick out the suitable account payable account
Enter the real amount of the seller check, within the Amount column
Enter the memo, the check variety, the approach of charge and the class (optional)
furthermore, get that saved.
2. Record a Bill credit score for the refunded amount

In the Vendors menu, Select the Enter Bills alternative.
Then pick the Credit radio button option to account for the return of goods
Enter the vendor name.
Click on the Expenses tab and input the accounts at the original bill.
In the amount column, enter the right amount for every Account (the amounts may need to be prorated)
Also, make this protected.
3. Link the deposit to the Bill Credit

In the Vendors menu, choose the Pay Bill choice
Examine the Deposit that suits the Vendor test quantity
Select the Set Credits choice and observe for the Bill Credit you created in advance and then click at the Done button.
We hope this method will assist you to report seller Refund Checks in QuickBooks Desktop however if you want to know more about record vendor refunds in QuickBooks Desktop, then contact our QuickBooks HelpDesk.



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