{"id":52,"date":"2011-04-08T00:04:07","date_gmt":"2011-04-08T04:04:07","guid":{"rendered":"http:\/\/www.stuffIfiguredout.com\/?p=52"},"modified":"2011-04-08T00:04:07","modified_gmt":"2011-04-08T04:04:07","slug":"quickbooks-cash-refund-from-a-vendor","status":"publish","type":"post","link":"http:\/\/www.stuffifiguredout.com\/?p=52","title":{"rendered":"Entering a Cash Refund from a Vendor in QuickBooks"},"content":{"rendered":"

Every once in a while I return something for a cash refund and handling the transaction in QuickBooks\u00a0isn’t intuitive.\u00a0\u00a0Doing them improperly can\u00a0cause tax reporting errors too.\u00a0 The best description that I found was actually an instruction for QuickBooks online.\u00a0Here is the process translated for the desktop application.<\/p>\n

Enter the vendor refund check in the Deposits<\/strong> \u00a0screen.<\/p>\n

    \n
  1. Go the Banking<\/strong> tab and click Make Deposits<\/strong>.<\/li>\n
  2. In the section for new deposits (underneath the Payments<\/strong> section) enter the following information:\n
      \n
    • In the Received From<\/strong> field select or enter the desired vendor.<\/li>\n
    • In theAccount<\/strong> field, select the\u00a0Accounts Payable<\/strong> account.<\/li>\n
    • In the Amount<\/strong> field, enter the amount of the check or cash refunded.<\/li>\n<\/ul>\n<\/li>\n
    • Click Save<\/strong>.<\/li>\n<\/ol>\n

      \u00a0<\/p>\n

      Next, go to the Vendors – Enter Bills <\/strong>screen to enter the vendor credit.<\/p>\n

        \n
      1. Click the Credit<\/strong> radio box at top left.<\/li>\n
      2. In the Expenses section<\/strong>\n
          \n
        • In the Tax <\/strong>field select or enter the original tax code.<\/li>\n
        • In the Account<\/strong> field, select the original expense account.<\/li>\n
        • In the Amount<\/strong> field, enter the amount of the\u00a0expense (without tax).<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n

          \u00a0<\/p>\n

          Finally, go to the Vendors\u00a0– Pay Bills<\/strong>\u00a0screen to link the deposit with the vendor credit.<\/p>\n

            \n
          1. Go to the Vendor<\/strong> tab and click Pay Bills<\/strong>.<\/li>\n
          2. On the Pay Bills <\/strong>list, select the credit entry.<\/li>\n
          3. Click the Set Credits <\/strong>button at the bottom of the form.<\/li>\n
          4. Under the Credits<\/strong> section\u00a0verify that the Amt. To Use <\/strong>matches the Credit Amt<\/strong>.<\/li>\n
          5. Click Done<\/strong> to close the Set Credits dialog.<\/li>\n
          6. On the bottom right click Pay Selected Bills<\/strong>.<\/li>\n
          7. The\u00a0Payment Summary<\/strong> dialog will appear and the Vendor name will be highlighted in bold<\/strong> to indicate the application of a credit.\u00a0<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

            Every once in a while I return something for a cash refund and handling the transaction in QuickBooks\u00a0isn’t intuitive.\u00a0\u00a0Doing them improperly can\u00a0cause tax reporting errors too.\u00a0 The best description that I found was actually an instruction for QuickBooks online.\u00a0Here is the process translated for the desktop application.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-52","post","type-post","status-publish","format-standard","hentry","category-quickbooks"],"_links":{"self":[{"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=\/wp\/v2\/posts\/52","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52"}],"version-history":[{"count":0,"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=\/wp\/v2\/posts\/52\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.stuffifiguredout.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}