Monday, August 29, 2011

QuickBooks: How to record a vendor refund

A new client in the construction industry asked how to enter a vendor refund in QuickBooks to offset the credit that they have on their books.

The Situation:
The construction industry has to use the payables system to track the multitudes of invoices and credit issued by suppliers. They then compare the supplier statement with the balance in the payables each month to confirm accuracy.

In this case, the construction client was paid in full to a supplier. They then returned product which resulted in a credit memo being issued by the supplier. They recorded the credit. They also stopped purchasing product from the vendor, and requested a refund for the return. The vendor issued a check.

The following entry will clear the vendor credit and record the deposit
- From the banking menu, choose record deposit.
- Enter the vendor refund check using the vendor name in the transaction and Accounts Payable in the “from account box”
- Then go to vendors - pay bills - click on the "bill" that was created by the vendor deposit
- Apply the vendor credit memo to the "bill" created by the transaction above.

This will result in a zero transaction (the deposit will clear the vendor credit).


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