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How to Refund from Vendor in QuickBooks 2021

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2021-08-23 21:34:07 • Filed to: Quickbooks • Proven solutions

This article holds information regarding the refund from vendor in QuickBooks. It will educate you on how to receive and record a vendor refund in QuickBooks. With the tutorial provided, you will be in a better position to deal refund form vendors. This article is therefore, in helping you manage your expense account.

Dealing with Refund from Vendors in QuickBooks

QuickBooks refund from vendors takes place for a number of reasons. As you run your business, you will pay for multiple supplies and continue with business as usual. However, one day the check you wrote the vendor may come back for reasons like price change and unknown discount, among others. One mistake to avoid is receiving the funds back against the original bill expense. So now you are wondering how to receive refund from vendor in QuickBooks without committing mistakes.

You can receive it accordingly, following these steps

  • Access the deposit screen, go to ‘Receive from’ field and input vendors name
  • In ‘From Account’ field, put accounts payable
  • You should memo the amount, ‘Save’ and close.
  • From the bills screen, enter a bill credit.
  • Open bills, enter the vendor name, amount, date and memo.
  • In ‘Account ’ field, put the expense account offsetting the original bill.
  • ‘Save’, and close
  • Access ‘Pay bills’ and find vendor. This is to clear the check from vendor received
  • In ‘Set Credits’ apply the bill credit created. Click ‘Done’
  • ‘Pay Selected Bills’ and ‘Done’

After receiving the vendor refund, you need to record in QuickBooks according to the scenario. There are various scenarios as stated below:

The refund check sent was for a bill already paid. Here do the following:

  • Record a vendor check deposit
  • For the refunded amount, record ‘Bill Credit’
  • Link the Bill credit with the deposit

The refund from the vendor stands for returned inventory items. Here do this:

  • Record a vendor check deposit
  • For the returned items, record a ‘Bill Credit’
  • Link the bill credit and deposit together.

The refund check sent is unrelated to any existing bill. Here, follow the following steps:

  • Record a vendor check deposit
  • For the vendor check amount, record a ‘Bill Credit’
  • Link the bill credit and deposit together

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