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How to Record A Vendor Return Check-in QuickBooks Desktop?

How to Record A Vendor Return Check-in QuickBooks Desktop?

QuickBooks is an excellent accounting software serving various small and medium businessmen to record bookkeeping and maintaining accounts. QuickBooks software has worked for all its users as a remarkable tool for several years. It ensures fully secured transactions to other accounts with a trustworthy operation. It is an advanced software to handle accounts, balance sheets, invoices, payroll systems, transactions easily. This blog will be teaching you How to Record Bank Refund in QuickBooks by following various procedures. In case, if you can’t find the way to do this, you must dial QuickBooks customer support to Record a Refund In QuickBooks Desktop.

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Procedures to Record Bank Refunds in QuickBooks

You will learn by going through the processes given below to Record A Refund From A Vendor In QuickBooks. Let’s focus on these methods one by one.

Method – 1 Record A Refund Check From A Vendor For Returned Inventory Items

Record Vendor Check Deposit

  • First, move to the ‘Banking Menu’ and choose ‘Make Deposits.’
  • Next, press ‘OK’ in the ‘Deposit’ window.
  • Press the ‘Received from a drop-down’ and choose the ‘Vendor’ who refunds you.
  • Then, choose the ‘Appropriate Payable Account’.
  • Enter the actual check amount of vendor in ‘Amount’ field.
  • Mention the other related information in ‘Deposit Account’.
  • Press the ‘Save & Close’ window.

Record Returned Items Bill Credit

  • In the vendor’s menu, choose the ‘Enter Bills’ option.
  • Press the ‘Credit’ option to create an account for returned goods.
  • Type the ‘Vendor Name’ and tap the ‘Items Tab’.
  • Mention the ‘Returned Goods Amount’ as mentioned on the returned check.
  • Hit the ‘Save & Close’ window.

Link Bill Credit With Deposit

  • Move to the ‘Vendors’ menu and choose ‘Pay Bills.’
  • Check and confirm ‘Deposit Amount’ with the ‘Refund Amount.’
  • Select ‘Set Credits ’and apply the ‘Bill Credit’ that you have done.
  • Tap the ‘Pay Selected Bills’ option and then hit on ‘Done’.

Method – 2 Record Vendor Refund Check for A Paid Bill

Record Vendor Check Deposit

  • First, press the ‘Make Deposits’ option in the banking menu.
  • Press on ‘Received’ option from the drop-down menu in ‘Deposit’ window and select the ‘Vendor’ who has sent you the return.
  • From the drop-down, pick the ‘Right Payable Account’.
  • In amount field, fill the valid amount in vendor check.
  • Press the ‘Save & Close’ window to record it.

Record A Return Amount For A Bill Credit

  • Move to ‘Vendor’s Menu’ and choose ‘Enter Bills’.
  • Choose the ‘Credit option’ button to record returned goods.
  • Type the ‘Vendor Name’ and press the ‘Expenses Tab’.
  • Mention right ‘Account’ on the original bill.
  • Move to the ‘Amount Column’ and enter the ‘Correct Amount’.
  • Press the ‘Save’ button and close the tab.

Attach the Bill Credit to Deposit

  • Move to the ‘Vendor’s Menu’ and choose ‘Pay Bills’.
  • Verify the ‘Vendor Check Amount’.
  • Tap the ‘Set Credits’ and choose ‘Bill Credit’ prepared already and tap ‘Done’.
  • Choose the ‘Pay Selected Bills’ and then press ‘Done’.

Method – 3 Record Vendor Refund on Behalf of Original Vendor

Create Deposit of Vendor Refund Check

  • Move to the ‘Banking Menu’ and choose ‘Make Deposits.’
  • In the ‘Make Deposits Window’ press on ‘Received’ option from the drop-down and select the ‘Vendor’ who sent you the refund check.
  • From account drop-down, choose the correct ‘Payable Account.’
  • Enter the correct refund amount in the ‘Amount Column’.
  • Type a ‘Memo, check number, payment method and class’. It is optional to select.
  • Finally, press the ‘Save & Close’ option.

Create A Bill For Deposit Amount

  • Choose ‘Enter Bills’ from the ‘Vendor’s Menu’
  • Select the ‘Vendor’ who has refunded you
  • Enter the refund amount in the ‘Amount’ column.
  • Press the ‘Expenses Tab’
  • Move to the ‘Refund Amount’ in the amount column.
  • Press ‘Save & Close’.
  • Now, move to the ‘Vendor’s Menu’ and choose ‘Pay Bills’.
  • Choose the ‘Bill’ and press the ‘Set Credit’ option.
  • Press ‘Done’ and tap the ‘Pay Selected Bills’ and then, press ‘Done’ option.

Create a Bill For the Credited Amount and Attach Bill to Credit

  • From the ‘Vendor’s menu’ choose the ‘Enter Bills’
  • Select the ‘Vendor’ who has returned your amount
  • Mention the refund amount.
  • Click the ‘Expenses Tab’ and choose a ‘Wash Account’ in the amount space.
  • Press ‘Save & Close’ button
  • Choose the ‘Pay Bills’ option on the vendor’s menu.
  • Press the ‘Set Credit’ and select the ‘Credit’.
  • Click on ‘Pay Selected Bills’ and tap ‘Done’.

Method – 4 Record the Vendor Returned Check not Related To An Existed Bill

Record Deposit Amount of A Vendor Check

  • In the ‘Banking menu,’ press ‘Make Deposits’
  • Press on ‘Make Deposits Window’ and tap the ‘Received from the drop-down’ and choose the vendor who has refunded you money.
  • Select the correct ‘ Payable Account’ in the account section.
  • Choose the ‘Amount’ section, enter the correct amount of the ‘Vendor’ check.
  • Enter the other information in the ‘Deposit’
  • Press the‘ Save & Close’ option.

Record A Bill Credit For the Vendor Check Amount

  • Go to the ‘Vendor’s Menu’ and choose ‘Enter Bills.’
  • Select the ‘Credit option’ button for the returned goods.
  • Enter the ‘Vendor’s’ name.
  • Choose the ‘Expenses tab’ and enter the ‘Amounts’ you normally use for a refund.
  • Enter the right amount on each ‘Account’ in the account section.
  • Then, choose the ‘Save & Close’ window.

Attach Bill Credit Deposit Amount

  • Choose ‘Pay Bills’ from the ‘Vendor’s Menu’.
  • Check the ‘Deposit’ that is similar to the ‘Vendor Check Amount’.
  • Select ‘Set Credit’ and choose the ‘Bill Credit’ you have made already.
  • Click on the ‘Pay Selected Bills’ and then click  on ‘Done’ option.

Method – 5 Record A Vendor Refund Sent From A Credit Card

  • Choose ‘Enter Credit Card Charges’ from banking menu
  • Select the ‘Credit Card account’ from credit card drop-down menu.
  • Take the ‘Refund’ or the ‘Credit Option’ button
  • Select the correct ‘Vendor Name’ and enter the ‘Date’, ‘Reference Number’ and the ‘Amount’
  • Mention the relevant ‘Memo’ to explain the transaction.
  • If you have returned items, press the ‘Item tab’ and enter the ‘Items’ and ‘Amounts’ refund.
  • If the refund doesn’t have items, press on ‘Expenses’ tab and choose the ‘Appropriate Accounts’ and ‘Enter the Amount’.
  • Finally, press on ‘Click & Save’ option.

These are some advanced solutions to record QuickBooks Vendor Refund for Overpayment. We are providing the best strategies to Record A Refund In QuickBooks Desktop. Talk to our experienced and trained professional for any query by calling QuickBooks toll-free number, and you will get instant solutions to fix your all queries. QuickBooks customer care is opened 24/7 hours for you to get the relevant solutions for all types of issues related to QuickBooks.