Looking for the process to record a vendor refund in QuickBooks? Well, note that the steps depend upon the conditions. In case the customer used a credit card on a purchase, the user can refund a credit card payment on the sales receipt or invoice. Entering the refund usually depends on the recording process of purchase. To know more make sure to read the post till the end. Or you can also get in touch with our tech team at +1-844-521-0490 and we will provide you with instant support services.
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Steps to record a vendor refund in QuickBooks
In case the Vendor sends the refund check for returned inventory items, the user can try performing the below steps:
- Recording a deposit of the vendor check
- The user needs to first move to the banking menu and then choose to make deposits
- After that go for ok tab, if the payments to deposit window appears
- The user will then have to choose the received from the drop-down menu, in the make deposits window.
- Now, go for the vendor who sent you the refund
- From account drop-down menu, go for the appropriate accounts payable account
- Enter the actual amount of the vendor check, in the amount column
- Type in the remaining information in the deposit
- End the process by saving and closing tabs
- Recording a bill credit for the returned item
- At first, move to the vendor’s menu and also select enter bills tab
- Go for the credit radio tab to account for the return of goods
- Enter the vendor’s name
- Choose the items tab
- Enter the returned items with the same amounts as the refund check
- End the process by selecting save and close tabs
With this, we come to the end of this post, where we hope that the information shared in above might be of some help in recording a vendor refund successfully. However, if there is any query, then in that case contact our tech team at +1-844-521-0490 and we will provide you with immediate support and assistance.