Are you still doing your records in an old school manner or are you familiar with this fantastic accounting software by Intuit named QuickBooks? It is highly popular and used by millions in and around the world because of unmatchable features and top-notch services. Under QuickBooks, Vendor Credit is something that is used to record the returns to vendors. The reason to record is that the payment is made to the vendor there is no hassle and confusion. Not only help the customers in order to keep up-to-date information on the financial matter but also helps in maintaining the data in an organized and systematic manner. Thus, it is imperative to understand how a refund from a vendor can be recorded in QuickBooks Online.
In order to so you can either follow the below-mentioned troubleshooting steps or in case, you need quick and reasonable assistance you can call on the QuickBooks helpline number as they are there to help you 24*7.
- Start by clicking on the Create plus (+) sign and select the ‘Bank Deposit’ tab.
- Then, in the ‘Add New Deposits’ sector, enter the following information given below:
- Firstly, choose the ‘Vendor’ who has issued the check-in received from the available row.
- Secondly, choose the ‘Accounts Payable Account’ section.
- And finally, enter the amount of the check and proceed forward.
- Now what you have to do is click the arrow alongside ‘Save’ and ‘New.’ Click on ‘Save’ and then ‘Close.’
- Now, again click on the Create plus (+) sign and select the ‘Expense’ tab.
- Then choose the vendor whose refund check you have deposited.
- Thereafter, click on ‘Add’ in the outstanding vendor ‘credit section.’
- Tap on ‘Add’ in the Deposit section.
- Lastly, click the arrow alongside Save and New and select ‘Save’ and ‘Close.’
If you follow these mentioned steps, you will surely avoid any type of failure in the refund credits in the QuickBooks online. This won’t only help in synchronizing the payment method but also check refunds on a real-time schedule. So, in case you don’t you how to record a vendor refund in QuickBooks Online, you can simply follow the above-mentioned troubleshooting steps. But in case you get stuck somewhere, you can anytime get in touch with the expert techies at the QuickBooks support number and ask for further assistance.