How To Record A Refund In QuickBooks From Vendor?

How To Record A Refund In QuickBooks From Vendor?

Written by alexpoter0356, In Technology, Published On
December 26, 2021

QuickBooks is the largest accounting software especially famous for bookkeeping and managing finances of a small and medium-sized business firm. It is a trustworthy application that ensures full safety to the transactions made in the accounts. Additionally, Intuit offers a 60-days money-back guarantee for QuickBooks software. Thus, if for any reason, you don’t like using the products, you can get a full refund of your paid amount. In this post, you will learn how to process QuickBooks Refund From vendors. With the provided informative guide, you will easily void a payment transaction in QuickBooks. Thus, read it out from top-to-toe and know the entire refunding process.

Required Intuitive Guidelines Of QuickBooks Refund From Vendor

There are a couple of fruitful ways that will walk you through the process of refunding your transactions. Thus, if you are not satisfied with the product that you recently purchased from a vendor, you can void your payment. Here’s how:

Procedure 1: Refund A Payment For A Sales Receipt

If you use your credit card for payment transactions, then refunds will only go back to your original card. Here’s how you can refund the amount of the original sale:

  1. First, you have to select “+ New” on your QuickBooks.
  2. Now, choose the “Refund receipt” option.
  3. Afterward, click on the “Customer drop-down” arrow to select the customer you want to refund.
  4. Now, enter the details in the desired fields using the same info from the original sale.
  5. Now, from the “Payment method”, select Credit card and choose the respective “Bank” from which amount has been deducted.
  6. Now, in the “Refund from” option, select which payment method and account you wish to refund the customer from.
  7. In the end, click “Save” and “Close” to end up the process.
  8. For proof, you can print the refund receipt by selecting the “Print” option.

This is how QuickBooks Refund From Vendor.

Procedure 2: Refund A Payment For A Paid Invoice

Here’s the comprehensive guidance in order to refund an invoice your customer already paid for:

  • First, opt for the “+ New” tab.
  • Select the “Refund receipt” option.
  • Click the “Customer Drop Down” arrow to pick the customer you want to refund.
  • Enter the required details in the fields using the correct info from the original sale.
  • Thereafter, select which payment method and account you wish to refund the customer from.
  • Then, in the end, click the “Save” and the “Close” tab simultaneously.
  • Now, send or print the refund receipt for the proof.

Procedure 3: Give Partial Refund

  1. Here’s how to do so:
  2. Select “+ New”.
  3. Select the “Refund receipt” option.
  4. From the Customer dropdown arrow, select the customer whom you want to refund.
  5. Enter the details in the given fields using the info from the original sale. For a partial refund, you only have to add the items or amount you want to refund.
  6. Finally, click the “Save” and “Close” tab simultaneously.

Now, you can frequently send and take the printout of the refund receipt.

How To Record A Refund In QuickBooks

When the vendor sends you a refund check for returned inventory items, here’s How To Record A Refund In QuickBooks:

1.     Record A Deposit Of the Vendor Check

  • First of all, go to the “Banking” menu in QuickBooks and select the “Make Deposits” option.
  • After that, click the “OK” button in the deposit window.
  • Place a click on the “Received from the drop-down” arrow and select the vendor who sent you the refund.
  • Thereafter, select the “Accounts Payable” account.
  • In the Amount column, enter the actual amount of the “Vendor” check.
  • Provide the rest information in the “Deposit account”.
  • Click “Save & Close” to finally save the info and end up the process.
  1.     Record A Bill Credit For The Returned Items
  • First, you have to select the “Enter Bills” option in the vendor’s menu.
  •  Click the “Credit” button to account for the return of items.
  • Enter the “Vendor name” and click the “Items” tab.
  • Enter the same amounts displayed on the refund check to return the items properly.
  • Finally, click the “Save & Close” button.

Contact 24/7 Live Support Team For Additional Help

These are the best procedures in order to procure QuickBooks Refund From Vendor and record vendor refunds in QuickBooks. It is guaranteed the above-mentioned steps will definitely make the refunding process easier. For further queries, talk to our professional tech-savvy via dialing the given helpline number. Hence, get the one-stop solving tricks at your fingertips.

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