+QuickBooks is an accounting software used for online accounting applications to process bills and payments related to the business. This software is mainly targeted at small to medium businesses because of its ease of use and reporting functionality which has made it so popular. This software also provides QuickBooks support which one can consult if faced with a problem. In this blog we discuss about how to record a vendor refund in QuickBooks.

A refund simply means that the money is paid back to the customer who is not satisfied with the products he/she has bought. In QuickBooks, when a vendor provides a refund when you return faulty goods, then the refund amount must be recorded so that account balances are correct. In QuickBooks, all vendor credits are recorded including the refunds from the vendors. Recording all financial transactions, including refunds, is important so as to avoid any confusion when payments have to be to the vendors. With the help of QuickBooks support, let us understand how we can record vendor refunds in QuickBooks software.

STEPS TO RECORD A VENDOR REFUND IN QUICKBOOKS

Following are the steps you need to undertake to record a vendor refund in your QuickBooks online:

1.Click on the Create plus(+) sign and select Bank Deposits.

2.In the Add New Deposits section, enter the following information:

Choose the vendor who issued the Cheque.

Choose Account Payable Account.

Add the amount of the cheque.

3.Click on the arrow alongside Save and New. Select Save and close.

4.Next, click on the Create plus(+) again and select Expense.

5.Choose the vendor whose refund cheque you have deposited.

6.Then click on add in the Outstanding vendor credit section.

7.After that, click Add in the deposit.

8.Finally, click on the arrow alongside Save and New, then select Save and close.

There are two ways which a vendor can choose to apply when there is a vendor credit or a refund. The first way is that the vendor can issue a credit document stating that you no longer owe the amount mentioned to them. The second way is that they can issue you a refund cheque. 

CONCLUSION

The blog has guided you step by step on how to record a vendor refund in QuickBooks software. Although the instructions are pretty clear, you can still find yourself stuck in the process of recording a vendor refund. In that case, reach out to our QuickBooks Support and talk to our experts who will guide you through the entire process from the start to the finish.

Source Url: https://sites.google.com/view/quickbak​​