May 18, 2016 - just enter both payments, the duplicate payment will be held as a vendor credit, then you can apply it or a portion of it to the next ven. There are some occasions in which you purchase items with cash or on your personal account. You want to record them so you can write off the expense. These transactions can be entered into QuickBooks® with a journal entry or you can setup a bank account called petty cash. Journal entry method: 1.

It’s not uncommon for vendors to issue partial refunds to clients. Whether it’s a promotional discount, or if the client accidentally overpaid his or her paid, refunds are bound to happen at some point or another. If you find yourself on the receiving end of a vendor refund, you’ll need to reverse the original expense and record the new refund in your Quickbooks account. For a step-by-step walkthrough on how to do this, keep reading. Fire up your Quickbooks account and choose Banking > Make Deposits. Under the Make Deposits window, click the Deposit To drop-down list and choose the account you would like the refund to be added to. Next, click the Receive From field on a blank line and enter the name of the vendor from whom you received the refund.

In the From Account field, choose the account associated with the original bill. Next, enter a memo for the refund, as well as a check number and method of payment (e.g. Check, credit card, bank transfer, etc.). You’ll also have the option to assign a class to the refund, which is particularly useful in situations where there are several refunds. If you struggle to keep track of refunds received, you may wish to use classes.

This will make finding and organizing them easier. Of course, classes are completely optional and you are in no way required to use them when recording a deposit and refund from a vendor. The final step is to enter the amount of the refund in the Amount column. Double-check to make sure this number is correct before clicking the Save & Close button.

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Assuming it’s right, complete the process by clicking the Save & Close button. Sorry if you were expecting more, but that’s all it takes to record a deposit and refund from a vendor in Quickbooks! It’s important to note that there are times when a vendor may issue a refund that exceeds the original amount owed. In this instance, you should only enter the amount of the overpayment on the deposit line with the vendor’s name, Accounts Payable as the account, and the amount.

Did this tutorial work for you? Let us know in the comments section below!

A frequently asked question: How do I record a refund received from a vendor in QuickBooks? I deposited this refund into my bank account. The deposit window can be used to record any funds received for deposit including refunds, but it doesn't include an item column for inventory and units on hand tracking purposes, and doesn't include a customer / job column for job costing purposes.

Also, if you've previously entered a bill credit to account for the inventory, making an entry in the deposit window using the associated expense account will not be applied against the vendor account, leaving the credit on the account unapplied. The Solutions: (Skip to the bottom of this page for a video tutorial) Option 1. If you're not using QuickBooks to track job costing, AND aren't using items to track on hand quantities for inventory tracking purposes, AND are on the cash basis of accounting for reporting purposes, just use the deposit window to record the refund. Note the vendor name in the 'Received From' column and use the expense account that was used on the original bill or check. If you plan to use this option, be sure you understand the reporting implications or check with your accountant if needed. If you think we could help too. Did this really help somebody?

I am using option 2 and the thing I need to know is which account to assign the item to. There is no mention of the item account. I am trying to deposit a surplus credit cheque. Its a refund from WCB, I guess it was a great year last year. Anyway when I create the item (surplus credit) I use non inventory item but then it requires an account.

Accounts payable is not an option, only job income and job cost. Would this be considered job income? Ok I gave it a shot with item set up in a job income account. Did step 2 no problem then did step three ad described now I have no credit left in the bill pay window so the zero thing worked there but the credit is still in the account. Hi I am having an issue with refunding a customer without a credit from a vendor so that the refund will be applied to the job costing correctly. A vendor’s invoice was applied to the job costing for Customer A Billed Customer A by applying items that had been coded to the job Realized the vendors invoice should have been charged to Customer B and not Customer A Credited Customer A Charged Customer B Tried to create a credit memo/refund for customer A but unless I enter the item cost code manually, it won’t link to the transaction.