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

  • Go to Banking Menu.
  • Choose Make Deposits.
  • Click OK.
  • Select the Received option from the drop-down.
  • Select the vendor the refund has come from.
  • Choose Accounts Payable.
  • Add the particular sum in the Amount column.
  • Enter other details in the Deposit account.
  • Click Save & Close.

Step 2: Recording Bill Credit for the Items Returned

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

Step 3: Linking the Bill Credit and Deposit

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

Refund Sent on Behalf of the Original Vendor

Step 1: Recording the deposit

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

Step 2: Recording a Bill Credit

  • Go to Vendor’s menu.
  • Choose Enter Bills.
  • Put the Vendor name.
  • Click on the Expense tab.
  • Enter the details of the original bill.
  • Navigate to the Amount column and fill in the amount for each section.
  • Click Save.
  • Close the window.
  • Go to Vendor’s menu.
  • Click on Pay Bills.
  • Choose Bill.
  • Select Set Credit.
  • Click Done.
  • Select Pay Selected Bills.
  • Choose Done.

Step 3: Record Details When Bill Credit Affects Wash Account

  • Go to Vendor’s menu.
  • Choose Enter Bills.
  • Put the Vendor name.
  • Enter the amount.
  • Click on the Expense tab.
  • In the amount field, choose Wash Account.
  • Enter the refund amount.
  • Click Save & Close.
  • In the Vendor’s menu, click on Pay Bills.
  • Select Set Credit.
  • Click Done.
  • Select Pay Selected Bills.
  • Choose Done.

Refunds Sent as Credit Card Credit

  • Go to the Banking menu.
  • Click on Enter Credit Card charges.
  • Select Credit card account from the drop-down for credit card.
  • Click the Refund or Credit Option.
  • Select the related Vendor name.
  • Enter the details like Date, Reference Number, and Amount.
  • Put in the apt Memo that will define the transaction.
  • In case you have received the refund for returned items, click the Item tab.
  • Enter the items and respective amount in the Amount section for the refund.
  • If the Items option is unavailable for a refund, you can click on Expense tab.
  • Click Appropriate Accounts.
  • Enter the amount.
  • Click Save & Close.

How to Record Vendor Refund for a Paid Bill?

Step 1: Recording to Deposit

  • Go to Banking Menu.
  • Choose Make Deposits.
  • Select the Received option from the drop-down.
  • Select the vendor the refund has come from.
  • Choose Accounts Payable.
  • Add the particular sum in the Amount column.
  • Click Save & Close.

Step 2: Recording Bill Credit

  • Go to Vendor’s menu.
  • Choose Enter Bills.
  • Put the Vendor name.
  • Click on the Expenses tab.
  • Enter the details of the original bill.
  • Navigate to the Amount column and fill in the amount for each section.
  • Click Save.
  • Close the window.

Step 3: Linking the Bill Credit and Deposit

  • Select Pay Bills, click on Vendors menu.
  • Verify the data in the Deposit as well as the Vendor check amount.
  • Select Set Credits.
  • Apply the Bill Credit you recorded in Step II.
  • Click Done.
  • Choose Pay Selected Bills.
  • Click Done.

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


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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.

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Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

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Why should do you change the Employee status instead of deleting them on QuickBooks?

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Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


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QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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