QuickBooks is one of the most robust and advanced accounting software which is used by millions of people from all around the world. While it is a leader in the U.S market, its growth in other parts of the world is also significant. Introduced as personal accounting software in the form of Quicken, soon this amazing accounting software became a favorite among small and medium-sized businesses along with accounting professionals.
The amazing QuickBooks can be easily hosted on the cloud and the hosted QuickBooks solution offers you a wide range of benefits. Although QuickBooks has many basic and advanced accounting features, in this blog post, we are going to talk about recoding vendor refunds in QuickBooks.
With the help of QB, you can easily record all the refunds you get from your vendors. You just have to choose the appropriate scenario and then follow the simple steps to record refunds from vendors.
So, in this blog post, we will be looking at different cases of vendor refund and know the steps involved in recording them.
Vendors send refund check for a paid bill
In this case, you will have to first record the deposit of the vendor check and here are the steps for doing so:-
Now, you will have to record a Bill Credit for the refund amount and for doing so, you will have to follow the below-mentioned steps:-
In the final step, you will have to link the deposit to the bill credit and here are the steps for doing it:-
If the vendor sends you a refund check for returned inventory items then you will have to follow the below-mentioned steps in order to record it
You will have to first record the deposit of the check from vendor by following the below mentioned steps:-
Now you will have to record a Bill Credit for the returned items by following the below-mentioned steps:-
In the final step, you will have to link the deposit to the Bill credit and here are the steps for it