Hi. I have QB Plus. Please can you tell me how to process a refund that has been received by a supplier - ie we have paid the bill but now received the money back. Thanks - I tried processing it as a credit but the amount did not show on the reconciliation report.
Step 1: Enter a credit from a supplier a. From the top menu bar, click Supplier then highlight Enter Bills and select Credit. Select the supplier and the amount of the refund. b. Select an expense account or item and enter an amount. Use the same expense account or item from the bill you originally entered for this supplier. If this is an inventory item, enter the correct quantity and the amount. c. Click OK.
Step 2: Deposit the refund a. From the top menu bar, choose Banking and select Make Deposits b. Enter the name of the supplier in the Received From column and enter the refund amount. c. Enter Accounts Payable in the From Account column. d. (Optional) Enter the cheque number and payment method e. Click OK
Step 3: Clear the credit from your accounts payable account a. From the top menu bar, click Supplier and select Pay Bills. b. Select both the credit and deposit created for this supplier (shown as positive and negative entries). c. Click OK