At first glance, you will think that there is no rocket science in recording a vendor refund in QuickBooks though, in reality, it is not so. However, there are two types of questions that you will face, the reason behind asking this question and why do you think the process is simple.
To answer the questions, you have to imagine yourself in a hypothetical case where you run a business and right now are working on several bills some of which you have already paid for.
Now a problem will arise when you check the QuickBooks and find that it is still showing Account Payable when you have already paid it.
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Some Common Mistakes
In exceptional situations, when you receive a check back from your vendor due to any reason, you make a common mistake by charging this check on the basis of the original bill. You will furthermore, make the situation worse by labeling the deposit. It also goes without saying that as a business owner, you have noted the reason behind the refund in deposit memo segment as well.
Receiving The Vendor Refund
In this situation, you will probably come across a question about what is the right method to get the vendor refund. In the received field of the deposit screen, you have to add the name of the vendor and similarly, in the accounting field, you will have to add the amount that is payable.
In the bill option also you will have to enter the name of the vendor and other significant details. After that, save the file and close it. When you have filled up all the necessary categories, there will be a vendor refund check. Now you will see, both your accounts are showing the same amount, and you will have the same impact on your business expense as well.
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