Entering a vendor refund

QuickBooks Discussion board - Discussions about the popular financial software by Intuit 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Entering a vendor refund PT 05-28-2008  Re: Entering a vendor refund Golden California Girls 05-29-2008  Re: Entering a vendor refund Haskel LaPort 05-29-2008  Re: Entering a vendor refund L 05-29-2008
Posted by PT on May 28, 2008, 9:09 pm Please log in for more thread options QB 2008 Pro Originally I entered and paid a vendor bill by check. Subsequently, the vendor notified me that one of the owners of the business had also paid the same bill, so the vendor was including a check for the same amount. I tried a couple of ways to enter the refund check. 1. First I entered the credit on a bill. But that simply zeros out the payable, and doesn't increase cash 2. If I just enter it as a cash sale, the amount ends up in a customer file. But I'd like the amount to end up as a credit attached to the vendor file in the Vendor Center.and a cash receipt so I can then record the deposit using Banking | Make Deposits and thus increase the checking account balance. Suggestions? -- PT Posted by Golden California Girls on May 29, 2008, 12:53 am Please log in for more thread options PT wrote: > QB 2008 Pro > > Originally I entered and paid a vendor bill by check. > Subsequently, the vendor notified me that one of the owners of the business > had also paid the same bill, so the vendor was including a check for the > same amount. > > I tried a couple of ways to enter the refund check. > > 1. First I entered the credit on a bill. But that simply zeros out the > payable, and doesn't increase cash > 2. If I just enter it as a cash sale, the amount ends up in a customer > file. > > But I'd like the amount to end up as a credit attached to the vendor file in > the Vendor Center.and a cash receipt so I can then record the deposit using > Banking | Make Deposits and thus increase the checking account balance. > > Suggestions? > The credit in the vendor file ended when they sent you the check. You can't double book it. If you meant you wanted to create a credit from the vendor and then apply the check to that credit, that can be done. Check the help file, it is explained well there. Posted by Haskel LaPort on May 29, 2008, 8:12 am Please log in for more thread options > QB 2008 Pro > > Originally I entered and paid a vendor bill by check. > Subsequently, the vendor notified me that one of the owners of the > business had also paid the same bill, so the vendor was including a check > for the same amount. > > I tried a couple of ways to enter the refund check. > > 1. First I entered the credit on a bill. But that simply zeros out > the payable, and doesn't increase cash > 2. If I just enter it as a cash sale, the amount ends up in a customer > file. > > But I'd like the amount to end up as a credit attached to the vendor file > in the Vendor Center.and a cash receipt so I can then record the deposit > using Banking | Make Deposits and thus increase the checking account > balance. > > Suggestions? How did one of the owners pay? Was it with a business check or from their personal funds? > > -- > > PT > Posted by L on May 29, 2008, 2:59 pm Please log in for more thread options > QB 2008 Pro > > Originally I entered and paid a vendor bill by check. > Subsequently, the vendor notified me that one of the owners of the > business had also paid the same bill, so the vendor was including a check > for the same amount. > > I tried a couple of ways to enter the refund check. > > 1. First I entered the credit on a bill. But that simply zeros out > the payable, and doesn't increase cash > 2. If I just enter it as a cash sale, the amount ends up in a customer > file. > > But I'd like the amount to end up as a credit attached to the vendor file > in the Vendor Center.and a cash receipt so I can then record the deposit > using Banking | Make Deposits and thus increase the checking account > balance. > > Suggestions? > Enter the duplicate payment to the vendor. (Edit the check the owner wrote to the vendor. Have as the account "accounts payable". This will create a credit for the amount of the check in the vendor account). If the owner did not pay with a business check, you can still enter the credit using the 'enter bills' screen. Tick the box that says 'credit'. For account, use whatever is appropriate for your tax structure to indicate the money came from the owner's personal account. Use the Make Deposit screen to deposit the vendor check. Enter the vendor name in the "Received from" and have as the account "accounts payable". This will create a 'bill' you will see in the bill payment screen. Select the 'bill' and pay it with the available credit. Similar Threads Posted Vendor refund October 6, 2006, 7:09 pm VAT Refund November 2, 2007, 5:57 am Posting a refund May 12, 2009, 9:29 pm Recording Corporate Tax Refund November 18, 2006, 5:23 pm Credit card late payment fee refund February 10, 2007, 10:42 am Entering just a VAT invoice August 26, 2006, 1:41 pm Entering Depreciation February 15, 2008, 3:54 pm entering a loss of income November 24, 2007, 9:08 pm Entering a nonprofit donation January 12, 2008, 11:23 am entering manufactured items January 16, 2008, 3:37 pm