Thursday, April 29, 2010

QuickBooks: Cash Refund from a Vendor

What do you do if a vendor sends you a cash refund? QuickBooks does not seem to have a method for handling this.

Start by doing the following:

* Use Enter Bills
* Set it to a credit
* Select the vendor
* On the item tab: select the item, qty and amount received
* Save and close

Then you can:

* Bring up the register for Accounts Payable
* Select the vendor
* Enter the amount received in the Billed column
* Select the bank account for deposit in the account field
* Click Record

The reason you have to do it this way is because of the way QuickBooks handles things. When the credit was recorded for the vendor, QuickBooks logged that in Account Payable. (Actually a sub account of Accounts Payable – the sub account for that vendor).

To move it out of the accounts payable sub-account you need to tell QuickBooks where to put it – that is the deposit entry using the accounts payable register. This entry moves the credit to the bank as cash.

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