Monday, November 19, 2012

QuickBooks: Depositing a Vendor Refund

I received a refund from a vendor I previously paid. How do I add the vendor refund check to my bank deposit?
To add the vendor refund check to you bank deposit you should follow these steps:
1. Create your deposit (normally done with customer invoice payments) as usual.
2. On the next available deposit line, choose one of two options:
·         If you do not have an open vendor credit in your Accounts Payable, enter the vendor name in the Received From column, and select the expense account you want to reduce in the From Account column.
·         If you do have an open vendor credit that you want to associate this refund with, enter the vendor name in the Received From column, and select the Accounts Payable account in the From Account column. Then apply the deposit to the open credit.
3. Enter an optional memo.
4. Enter the amount.
5. Click Save & Close when the total of the deposit agrees with the bank deposit total.
Although this method is quite easy to use, it does not allow you assign an item so any refund recorded this way will not be included in certain job cost reports that are prepared from the use of items.
Instead, you would create a vendor credit memo to record the reduction in a job cost, and then follow the instructions above for applying the deposit to the open vendor credit.

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