Record Vendor Refund in QuickBooks Desktop

by James Antonio

QuickBooks has advanced features that ensure proper transactions management. Besides taking care of how you maintain the payments, the software also gives a platform that helps record refunds obtained from vendors.

What is Record Vendor Refund in QuickBooks is all about?

Recording transactions is considered a part of accounting. It includes the payments made to a party, the payment received from a party, etc. But what is forgotten or ignored to be added are the refunds that return to businesses that also affect the accounting data. Hence, recording vendor refund in QB Desktop is mandatory.

Why do we Need it?

At times, the businesses get a refund for making business expenses. The refund should get added to the funds available to a business, right? If it’s not added, the accounts will show a discrepancy. Thus, you must not forget to record vendor refunds on the QB Desktop.

Steps to Record Vendor Refund in QuickBooks Desktop

Follow the below mention steps to record vendor refund in QuickBooks Desktop.

Refund Check for the Inventory Items that You Have Returned

Step 1: Recording the Deposit

  1. Go to Banking Menu
  2. Choose Make Deposits
  3. Click OK
  4. Select the Received option from the dropdown
  5. Select the vendor the refund has come from
  6. Choose Accounts Payable
  7. Add the particular sum in the Amount column
  8. Enter other details in the Deposit account
  9. Click Save & Close

Step 2: Recording Bill Credit for the Items Returned

  1. Go to Vendor’s menu, choose Enter Bills
  2. Select the Credit option
  3. Enter the Vendor name
  4. Choose the Items tab
  5. Enter the items returned along with the respective refund made
  6. Click Save & Close

Step 3: Linking the Bill Credit and Deposit

  1. Select Pay Bills, click on Vendors’ menu
  2. Verify the data in the Deposit as well as the Vendor check amount
  3. Select Set Credits
  4. Apply the Bill Credit you recorded in Step II
  5. Click Done
  6. Choose Pay Selected Bills
  7. Click Done

Refund Sent on Behalf of the Original Vendor

Step 1: Recording the deposit

  1. Navigate to the Banking menu
  2. Select Make Deposits
  3. Choose Received from the drop-down
  4. Select the Vendor you received the refund from
  5. Select Accounts Payable account from the From Account dropdown
  6. Move to Amount column
  7. Enter the amount
  8. Put in the Memo details, check number, payment method, and class, if you have the details available
  9. Click on Save & Close

Step 2: Recording a Bill Credit

  1. Go to Vendor’s menu
  2. Choose Enter Bills
  3. Put the Vendor name
  4. Click on the Expense tab
  5. Enter the details of the original bill
  6. Navigate to the Amount column and fill in the amount for each section
  7. Click Save
  8. Close the window
  9. Go to Vendor’s menu
  10. Click on Pay Bills
  11. Choose Bill
  12. Select Set Credit
  13. Click Done
  14. Select Pay Selected Bills
  15. Choose Done

Step 3: Record Details When Bill Credit Affects Wash Account

  1. Go to Vendor’s menu
  2. Choose Enter Bills
  3. Put the Vendor name
  4. Enter the amount
  5. Click on the Expense tab
  6. In the amount field, choose Wash Account
  7. Enter the refund amount
  8. Click Save & Close
  9. In the Vendor’s menu, click on Pay Bills
  10. Select Set Credit
  11. Click Done
  12. Select Pay Selected Bills
  13. Choose Done

Refunds Sent as Credit Card Credit

  1. Go to the Banking menu
  2. Click on Enter Credit Card charges
  3. Select Credit card account from the dropdown for credit card
  4. Click the Refund or Credit Option
  5. Select the related Vendor name
  6. Enter the details like Date, Reference Number, and Amount
  7. Put in the apt Memo that will define the transaction
  8. In case you have received the refund for returned items, click the Item tab
  9. Enter the items and respective amount in the Amount section for the refund
  10. If the Items option is unavailable for a refund, you can click on Expense tab
  11. Click Appropriate Accounts
  12. Enter the amount
  13. Click Save & Close

The steps given above will help you to record vendor refund in QuickBooks Desktop.


Why do you need to Record Vendor Refund in QuickBooks Desktop?

There are times when businesses might return inventory items received from the vendors. In that case, the details need to be recorded to keep the data updated. Hence, recording vendor refund in QB Desktop is important.

What are the Steps Required to Follow to Record the Vendor Refund in QuickBooks Desktop?

Firstly, you need to record the deposit that comes to your account. Secondly, you will have to update the bill credit section. Thirdly, you need to link both deposit and bill credit details for finally updating the database.

How to Record Vendor Refund for a Paid Bill?

Step 1: Recording to Deposit

1. Go to Banking Menu
2. Choose Make Deposits
3. Select the Received option from the dropdown
4. Select the vendor the refund has come from
5. Choose Accounts Payable
6. Add the particular sum in the Amount column
7. Click Save & Close

Step 2: Recording Bill Credit

1. Go to Vendor’s menu
2. Choose Enter Bills
3. Put the Vendor name
4. Click on the Expenses tab
5. Enter the details of the original bill
6. Navigate to the Amount column and fill in the amount for each section
7. Click Save
8. Close the window

Step 3: Linking the Bill Credit and Deposit

1. Select Pay Bills, click on Vendors’ menu
2. Verify the data in the Deposit as well as the Vendor check amount
3. Select Set Credits
4. Apply the Bill Credit you recorded in Step II
5. Click Done
6. Choose Pay Selected Bills
7. Click Done

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