I've also included additional information about handling vendor credits and refunds in QuickBooks Online: Manage vendor credits. To complete the process, click Save and close. (The amount of the vendor credit will show in the Credit Applied field, and the Total payment should be $0.00.) Select the bank deposit you just created.Lastly, link the bank deposit to the vendor credit using the Pay Bills option: Choose Accounts Payable from the Accounts column.Also, add the wire fee charged (amount is in minus to negate the total returned payments). Go to the Add funds to this deposit section and select the vendor who gave you the refund.In the Account drop-down, choose the account where you want to deposit the money.Then, you'll have to deposit the money you got from the refund back to the account you use for the payment: Enter the category, product, or service that valued the returned payments.In the Vendor drop-down, pick the vendor.Click the + New button and then select Vendor credit.Once done, you can enter a vendor credit to ensure that the credit hits the expense account you use for that vendor. This way, you can have accurate vendor expenses and credits. If you have created a bill, make sure that you added the bill and paid it properly. Take care and stay safe always, can help you record the returned payment, you enter a returned payment for a business expense or canceled project, you can record the fund by linking a bank deposit to a vendor credit. Let me know in the comments if you have other concerns about recording returned payments in QBO. You can pull up one, then customize it to focus on specific accounts or filter for certain things. Then, in case the returned payment was made by your customer via bank transfer, you can handle this situation to keep your books in order by following the steps in this article: Handle a rejected or failed bank transfer payment.Īlso, QuickBooks provides a variety of reports to get the information you need for your business (i.e., customer and sales reports). If you want to use a journal entry to record a customer's returned payments, please check out this article for the detailed steps: Record a returned customer payment using a journal entry. Then, once they pay you for the original invoice and the bank fees, you can follow the normal steps to receive their payment.įor the step-by-step guide, you can refer to this article: Record a returned payment using an expense. Unapply the bounced check/returned payment from the original invoice.Ĭreate an item for fees (wire fee charged) from your bank.Įnter the service fee the bank charged you.Ĭreate an invoice for the bounced check fees to send to your customer.Īfter you forward the statement to your customer, they know what they owe and why.
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