QuickBooks Online Refunds From Vendors For Checks And Cash Expenses
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- Опубліковано 6 лют 2025
- This Learn QuickBooks Online video training tutorial will show how to record receiving a refund from vendors for a prior check expense or cash payment where the vendor’s service was received, and payment was made immediately. Receiving a cash refund for these types of vendor transactions requires using the deposits window. The most important thing to remember is including in the QBO deposit the expense account of the service you originally paid for. The effect in the QuickBooks online chart of accounts and the vendor records and reports will be the opposite of the original vendor payment
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Hello my QuickBooks Online followers. I made this QuickBooks help video to show how to how to record receiving a refund from vendors for a past “expense” type of transaction or check or cash payment, and payment was made immediately when we actually expected to receive the vendors service upon payment. You can only record this at the moment you deposit the vendor’s check refund check in to the bank account. It’s easy to record this in QBO but the most important thing to remember is putting in the deposit window the actual vendor expense (U.P.S. for delivery expense, Verizon for telephone expense and so on) that you put in the original check or transaction.
You are the best, thank you!
Wow thank you so much
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Would I follow the same instructions if the original expense was in a different fiscal year as the refund? (for example expense was back in 2020, the refund was just issued now in 2022). Thanks for such clear instructions! Great video.
Thank you so much for the compliment and I'm really glad it helped you and to answer your question, it would depend on if you closed the expense account by making journal entries that you learned about in school
And quickbooks, closing journal entries are not necessary if you're not Distributing partnership income every month or every quarter. But if you did closing journal entries for the purposes of Distributing income or any other reason, then you would not put it towards the expense you would put it towards the owner's equity in the prior Is. Adjustment
No such adjustment would be necessary if you didn't make the journal entries and you just let quick books do retain earnings or is paint earnings automatically
If you go to the main channel page and go to the bottom you will see the owner's equity playlist and that will make everything more clear
Mark
Hello, why is that in your Trial Balance, you have both Supplies and Supplies Expense suddenly (3:15). I thoroughly followed your instruction and what I have is just Supplies, of which amount is $1780, which equals to the total of your Supplies ($1,430) + Supplies Expense ($350). Thanks in advance!
Thank you Jongin,
I put them both but just use the one that I used and your numbers will match. I put them both becuase in a later course, I was going to show the difference and teach about "adjusting" entries and pre-paid expenses. However, I then put that in a different course.
-Mark
EXCELENT
Thank you, and there's a whole playlist on this topic if you click on the top right corner or anything else you need in quick books you can get from the main channel page and don't be shy to ask!
I hope you will click like after watching each one and subscribe
Mark
This was very helpful. I'm hoping you can help fully solve my issue. I made a bank issued payment to vendor as an expense, but the vendor never received the check from the bank. The bank returned the funds to my account, I created a bank deposit to show the funds received from the vendor, and then paid the vendor via my own check. Now, when I look at the list of transactions related to the vendor, it shows two payments (bank check and my check) of the same amount, but it does not show the bank deposit, so it seems that I paid the vendor more than I actually did. Thoughts?
Thank you Cynthia,
One of the reasons we do bank reconciliation, is to make sure that every transaction, 1 by 1, in your quick books matches every transaction 1 by 1 in your bank statement and your bank list of transactions when you log in to your bank.
So, find each transaction that relates to this situation, and simply make sure that it's recorded the right way so that your bank records matched the bank statement. Try to remember that's the goal as long as everything matches and everything is categorized correctly.
So very simply put, the transaction that you observed in your bank records where they deposited the money means you record a deposit to match that and make it the same. The moment they took the money from your bank bank for the check, the 2nd check that actually did clear, you record that properly as well so that every transaction in your quick books matches everyone on your bank statement and it's classified correctly.
I regret that this general information that I gave you, is the best that I can do without asking for a paid session where I use zoom to look at exactly what's happening and look at the statements and get an explanation from you to make sure your numbers are perfect.
I'm sure if you watch the bank reconciliation playlist from my channel, you will always be able to do that for yourself.
If you cannot find the playlist let me know when I will put up the link in the reply
Mark
How do you cash out vendor credit? We get credits from our vendor and if we have any left over at the end of the year, or simply need it, we cash them out. I do not know how to cash out an individual vendor credit. I enter them as we get them with an invoice number and all, but QB still shows we have them. Please help?
Thank you Wilma,
It's always interesting for me to hear all the bizzare business words that people make up in order to prevent people from understanding how to help them.
In 56 years, I never heard the term "cash out" or how to "cash out" a credit memo.
If someone joins your staff, I hope you don't make them feel uneducated if they never heard the erm "cash out" in the context of doing something to a credit memo.
I am happy to help you if try to describe what's going on by using the normal words that apply.
-Mark
Hi! I followed this process and came across one challenge: When I look at the vendor history, it does not show the Bank Deposit and so it looks like I paid the vendor more than I actually have.
It does show this transaction in the transaction list by vendor report and in other places where list transactions by vendor and it also shows it in the bank records.
I don't know what you mean by vendor history but it lists it in the vendor records in the appropriate places
Try to remember that this type of refund was for a cash payment so it neither transactions will affect the vendor's balance but it is a transaction for the vendor and it is listed in the transaction list by vendor report
Mark
@@worldwidequickbooks Thank you. I realize where the discrepancy is happening, now. I'm looking at Expenditures > Vendors and that does not show the deposit.