How To Record QuickBooks Vendor Refund?

How To Record QuickBooks Vendor Refund?

As everybody is well-informed about QuickBooks, such a robust accounting mechanism that assists the users in commencing robust accounting & financial management assignments quite effectively in no time. Moreover, QuickBooks authorizes users to record the refunds from a vendor, following which it can be really helpful for users in handling their bank statements & transactions exceptionally well. So, if you really don’t know the procedure of how to process it, then our today’s blog will be of very help as in our today’s article, we will be discussing how to record QuickBooks Vendor Refund? Now let’s get into the details of it.

Simple Ways For Recording Vendor Refund In QuickBooks

Scenario: When Vendor Sends You A Refund Check For Returned Inventory Products

How To Record A Deposit Of The Vendor Check?

  1. Firstly from the main menu, just navigate to Banking > Make Deposits options.
  2. Then, again click on the OK button on the Payments to Deposit.
  3. After that, just click on Received option from drop-down in the Make Deposit.
  4. Then, choose the vendor from which you get the refund.
  5. Later, select the vendor who sent you the refund.
  6. After that, just enter the amount of the vendor check in the Amount box.
  7. Then, simply provide other important information in the Deposit.
  8. Finally, just click Save & Close.

How To Record A Bill Credit For The Returned Items/Products?

  1. At first, navigate to the Vendors menu and then choose Enter Bills.
  2. Now, just click on Credit to account for the return of goods.
  3. Then, provide the Vendor name and then navigate to the Items.
  4. Now, provide the returned items including the same amount and quantity as the refund check.
  5. Then finally, click on the Save & Close button.

How To Link The Deposit To The Bill Credit?

  1. Firstly, navigate to the Vendors menu and then select Pay Bills.
  2. After that, check the Deposit which is similar to the Vendor check amount.
  3. Then, just click on Select Credits and then apply the Bill Credits you created a while ago.
  4. Finally, just click and Select Pay Selected Bills > Done.

Expectantly by reading our blog, you might be well-informed about how to record “QuickBooks Vendor Refund”. For needing further in-depth assistance, you can directly contact our experts by dialing +1-855-533-6333. Our technicians are always approachable at your ease 24/7, constant!!