How exactly to Record Vendor refund in QuickBooks Desktop?

QuickBooks always provides an excellent feature to his users. With the help of accurate documentation vendor refund in QuickBooks, Desktop user records the refunds he received from his vendor. Choose a suitable process and the following steps to record vendor refunds in QuickBooks Desktop correctly. Let’s start with Record vendor refund in QuickBooks.

Steps to Record Vendor refund in QuickBooks Desktop
Process 1:
The vendor sends a refund check for a paid bill

1. Record a Deposit of the vendor check:
Into the Banking menu option click on make deposits option
If the payments to deposit window have arrived, click on Ok button
In the make deposit window, click on received from the option when you look at the drop-down menu and choose the vendor who sent you the refund
Into the From, Account drop-down menu select the suitable account payable account
Enter the actual level of the seller check, into the Amount column
Enter the memo, the check number, the technique of payment while the class (optional)
further more, get that saved.
2. Record a Bill credit for the refunded amount:
Into the Vendors menu, find the Enter Bills option.
Then select the Credit radio button choice to account fully for the return of products
Go into the vendor name.
Go through the Expenses tab and go into the accounts regarding the original bill.
Within the amount column, enter the suitable amount for each Account (the amounts may need to be prorated)
Also, get this to protected.
3. Link the deposit into the Bill Credit:
When you look at the Vendors menu, find the Pay Bill option
Examine the Deposit that matches the Vendor check amount
Choose the Set Credits option thereby applying for the Bill Credit you created earlier and then click on the Done button.
Process 2:
The seller provides you with a refund check for returned inventory items

1. Record a Deposit of the vendor check:
Within the Banking menu, select Make Deposits option.
In the event that Payments to Deposit window appears, click on OK button
In Make Deposit window, click on Received from the drop-down menu and choose the vendor who sent you the refund.
Head to From Account drop-down menu, find the suitable Accounts Payable account.
Into the Amount column, go into the accurate level of the seller check.
Enter the remaining information within the Deposit option.
Click on Save and Close.
2. Record a Bill Credit for the returned items:
Within the Vendors menu, select Enter Bills option
Select the Credit Radio Button to account fully for the returns of goods.
Fill the seller name and details about it.
Then click on Items Tab.
fill the returned items with the same amounts while the refund check
Click the Save button and close
3. Link the deposit to your Bill Credit:
Into the Vendors menu, you had to find the Pay Bills option.
Check the Deposit that matches the Vendor check amount.
Select Set Credits and apply the Bill Credit you created earlier
Then click on Done button
Three more processes:
Process 3:
The seller sends a refund check that is certainly not linked to a preexisting bill

For instance- include rebates, reward incentives, refunds, reimbursements, or checks issued by a vendor to cash out an existing credit

1. Record a Deposit of the vendor check:

Into the Banking menu, click on Make Deposits option
In the event that Payments to Deposit window appears, click on OK button
Within the Make Deposits window, click on Received from the drop-down menu and select the vendor who sent you the refund
Go to From Account drop-down menu, select the suitable Accounts Payable account
When you look at the Amount column, enter the exact amount of the Vendor check.
Fill the remaining information within the Deposit option
Click the Save button and close that's not linked to it.
2. Record a Bill Credit for the amount of the Vendor Check:

Into the Vendors menu, select Enter Bills option
Select the Credit option to account for the returns of products
Enter the name of Vendor
Click the Expenses Tab option and go into the Accounts you would normally use for refunds.
Note- if you're not sure about which account to choose, we suggest you speak to your accounting professional.

Within the Amount field, enter the appropriate amount for each Account(the amounts might have to be=prorated)
Click on the Save button and close.
3. Link the Deposit into the Bill Credit:

When you look at the Vendors menu, select Pay Bills option
Look the Deposit that matches the Vendor check amount
Click on Set Credits option thereby applying the Bill Credit you created earlier
Click on Done button
Now click on Pay Selected Bills and then go through the Done button.
Process 4:
A vendor sends a refund check into behalf of the original Vendor

1. Create a deposit for the vendor who sent the refund check:
Into the Banking menu, select Make Deposits option
If the Payments to Deposit window appears, click OK button
In Make Deposits Window, click on the Received option from the drop-down menu and select the seller who sent you the refund
Now in the From Account drop-down menu, find the suitable Accounts Payable account
In the Amount field, go into the actual amount of the refund
Enter a memo, check number, payment method and class (this is certainly optional)
Click on the Save button and Close.
2. Create a Bill for the quantity of the Deposit and apply it to the Deposit:

In the Vendors menu, find the Enter Bills option
Find the Vendor who sent the refund, into the Vendor field
Enter the quantity of the refund, within the Amount Due field
Now click on Expense Tab
Select a Wash account, into the Account field
Now enter the amount of the refund, within the Amount field
Click the Save button and Close
3. Create a Credit for the Original Vendor:

In the Vendors menu, find the Enter Bills option
Now select the Credit radio button
Choose the vendor who sent the refund, when you look at the Vendor field
Go into the amount of the refund, in the Credit Amount field
Click the Expense Tab
Find the account used on the first Bill, when you look at the Account field
Go into the amount of the refund, within the Amount field
Click on Save button and Close
4. Create a Bill for the total amount of the Credit affecting the Wash Account thereby applying the balance towards the Credit:

In the Vendors menu, select Enter Bills option
Select the vendor who sent the refund. In the Vendor field
Enter the quantity of the refund, when you look at the Amount field
Now Click on Expense Tab
Select a Wash account (would be a cost account), into the Account field
Go into the quantity of the refund, when you look at the Amount field
Click the Save button and Close.
Process 5:
The seller sends the refund as credit cards credit

Within the Banking menu, select Enter Credit Card Charges option
Within the bank card drop-down menu, choose the credit card account
Choose the Refund or the credit radio button
Find the suitable Vendor name and go into the Date, Ref number and Amount
Enter the right memo to spell it out the transaction
In the event that you returned items, go through the Item Tab and enter the Items and Amounts from the refund.
In the event that refund doesn't have items, click the Expenses Tab, find the suitable Accounts and enter the Amount
Go through the Save button and Close. If you want to learn about How To Record A Vendor Refund In QuickBooks then get in touch with our tech experts.

Conclusion:
They are the best solutions and procedures to record vendor refunds in QuickBooks Desktop. I am hoping this website will help you record vendor refunds in QuickBooks Desktop but if you need to learn more about record vendor refunds in QuickBooks Desktop, then contact our QuickBooks Pro-Advisors team. Our team is always (24*7) open to provide relevant and reliable solutions for record vendor refund in QuickBooks and all sorts of types of QuickBooks related issues.