Record Vendor Refund in QuickBooks Desktop

QuickBooks has advanced features that ensure proper transactions management. Besides taking care of how you maintain the payments, the software […]

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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 QuickBooks 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 QuickBooks 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.


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 QuickBooks 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.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
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

Technical Details

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

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Pricing includes coverage for users
  • Services Include:
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  • Unlimited Delete

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Accountant Basic

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$499/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
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  • Upto 10 companies

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Accountant Pro

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$899/- Per Year

Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
  • Up to 20 companies

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Accountant Premium

*See our Pricing for up to 50 Company Files.

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Pricing includes coverage for users
  • Services Include:
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  • Unlimited Users
  • Unlimited Records
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot 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.


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.


What are the various kinds of accounts you could access in QuickBooks?

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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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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