QUICKBOOKS VENDOR CREDIT MEMO HOW TO

Select the Supplier's name who issued the supplier refund.The '+' sign is to the left of the gear and '?'. Click on the '+' sign at the top right hand side of the screen and select 'Bill Payment' or 'Expense'.Step Three - Link the Credit to the Deposit It handles the sales tax simply and effectively making the third step unnecessary. GOOD T O KNOW Marnie's Excellent ShortcutĪlternatively, you could choose to use Marnie Stretch's short cut for Step Two. again, you'll thank me when you are in an audit four years down the road! Attach any relevant documents to support the deposit .If you didn't, go back and edit your supplier credit transaction. Leave the 'Sales Tax' column blank as you dealt with the sales tax in Step One.Enter the value of the supplier refund under the 'Amount' column.you'll thank me when you are in an audit four years down the road! Add a good memo in the 'description' column.Select Account Payable under the 'Account' column.Select the supplier's name under the column 'Received From'.In the 'Add funds to this deposit' area of the screen, do the following:.Select the bank or credit card account the supplier refund is sitting in. Click on the '+' sign at the top right hand side of the screen and select 'Bank Deposit'.If the supplier actually gave you a refund that has hit your bank account and/or credit card, do the following: If you did receive funds back from the supplier, then proceed to step two (2). It is to the left of the gear and '?'.Ĭhat Continues Below Advertisement If you did NOT receive any money and the supplier credit will be applied against an existing invoice, proceed to step three (3). You can also get the 'Supplier Credit' by clicking on the '+' sign at the top right hand side of the screen. There is always more than one way to do things in QuickBooks Online.

If you don't see 'Save and close', then you need to click on the down arrow to bring up the drop down menu. Click on the green 'Save and close' button at the bottom right hand side of the screen.You will not be able to do this on the bank deposit screen. Another Heads up - Make sure you book your GST/HST/PST properly here.Heads up - If you returned items to the supplier, use the 'Items Detail' area of the screen not the 'Account Details' section.

Remember to select the same account that the original transaction was booked to in the 'Accounts Detail' section of the screen.

Enter the details of the supplier refund making sure you attach any documents to support the transaction.

Click on the green 'New transaction' drop down menu and select 'Supplier Credit'.

Go to the supplier you received the refund from.

Here are the steps in more detail: Step One - Record the Supplier Credit This is where the two transactions are offset and a zero entry payment is recorded. If you thought that you need to do a bill payment, you would be correct. So far so good but then I noticed that when you go to the supplier ledger, QuickBooks Online does not automatically match the deposit to the supplier credit. The next thing I usually want to do is go to the Bank Deposit screen and enter the supplier refund that showed up on the bank statement and/or on the bank feed. So my first instinct is to always choose this so I can record credit. If you look at the green drop down menu for 'New transaction', you will see 'Supplier Credit' listed.

QUICKBOOKS VENDOR CREDIT MEMO HOW TO

The T2125 Schedule Series - Canadian sole proprietorsĬhat Continues Below Advertisement How To Process A Supplier Refund in QuickBooks ® ONLINE.

The Employee Payroll Rates - US and Canada.The Self Employed Rates - US and Canada.

The Travel/Auto Rates Options - US and Canada.

Quickbooks vendor credit memo