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Refund overpayment in quickbooks desktop
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In the Pay Bills window, select Show all bills. Choose the specific AP account. Put a check mark on the deposit you’ve recorded. Click Set Credits. In the Discount and Credits window, choose Credit tab.
Put a check mark on the credit that you’ve created. Click Done. Hit Pay Selected Bills. You can now see a zero balance in your Open Balance Report. Also, you can check these articles for additional insights: Void or delete a bill or bill payment check Record a vendor refund in QuickBooks Desktop Pay bills in QuickBooks Desktop Always feel free visit us here in the Community if you have other questions.
Go to the Vendors tab on the toolbar. Select Enter Bills. Enter the name of the vendor and the necessary details. Step 2: Create a Deposit transaction. Select the appropriate Accounts Payable account under the From Account column. Enter the actual amount of the check in the Amount column. Go to the Vendors menu, choose Pay Bills. Tick the box for the deposit you created earlier. Select the Pay Selected Bills tab and click Done. I added a screenshot for your reference.
Level 3. Refund From Vendor For Overpayment We have a similar issue where we got a physical check as a refund after an over-payment had been made to a vendor. Refund From Vendor For Overpayment You can create a journal entry to write off this negative vendor balance, mac2it. Under the Account field select Accounts Payable from the drop-down list. Enter the amount under the Credit column, tab to Name column and select the vendor name from the drop-down list. In the next line, select the offset account and enter the amount under Debit column.
Select Save and new or Save and close. Here are the detailed steps to guide you: To enter a Deposit of the vendor check Go to the Banking menu, then click Make Deposits. Click OK if the Payments to Deposit window appears. In the Make Deposits window , click the Received from drop-down list, then choose the vendor who sent you the refund. In the From Account drop-down, choose the appropriate Accounts Payable account.
Enter the actual amount of the Vendor check in the Amount column, then enter a memo, check number, payment method, and class Optional. Click the Credit radio button to account for the VAT. Enter the Vendor name , then select the Expenses tab and enter the Accounts on the original bill. In the Amount column, enter the appropriate amount for each Account the amounts may have to be prorated. Check the deposit that matches the vendor check amount. Click the Pay Selected Bills , then select Done.
Here’s how: Go to the Vendors menu, choose Enter Bills. Hit Save and Close. I’m always around if there’s anything that I can help! I am working on Quickbooks online. Choose Bank Deposits. In the Deposit To drop-down , select the account where the money will be deposited.
Type in the Date. Enter these fields: Received From: Choose the vendor who sent you the refund. From Account: Select the Accounts Payable account or the account used in the expense transaction. Amount: Enter the vendor check amount. Memo, Chk No, and Pmt Meth are optional fields. Select Expense or Check. Choose the payee. Once you select a payee, you’ll see a window on the right corner of the screen showing the deposit transactions you’ve created.
Click on Add. For additional insights, check out these articles: What is the difference between Pay Bills and Write Checks?
Enter a refund from a vendor Please don’t hesitate to reach out to us again if you have other questions in mind. Tori B. Thanks for following the thread. Such as, The vendor sends you the refund as a credit. A vendor sends a refund check on behalf of the original vendor. The vendor sends a refund check that’s not related to an existing bill. The vendor sends you a refund check for returned inventory items.
The vendor sends you a refund check for a bill that is already paid. Refund From Vendor For Overpayment If you already have the bill and the original payment entered into QuickBooks as I had, it seems easier to not to delete the original bill. Deposit check. You will see a new bill in the list that has been created by your deposit. Select bill, click ‘Apply Credits’, and apply credit to bill created by your deposit.
In my case, the original bill and the refund happened in different reporting periods. Vendor refunded overpayment with check. Loan Overpayment Refunded with Check. Fill in the Payment Amount.
Be sure to choose an appropriate Date and method of payment. If there are any unpaid invoices, this list will show up here in the screen. Apply your overpayment to an open invoice here. Be sure the invoice you choose is check-marked. Select the credit and then Save and new or Save and close.
Select Advanced. In the Automation section, select Edit , and select Automatically apply credits. Option 2: Refund the customer for the overpayment If your customer overpaid you on accident, you can give them a refund.
Option 3: Record the overpayment as a tip If your customer paid more than their total on purpose, you can record it as a tip. More time on your business, less time on your books. Was this helpful?
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Refund overpayment in quickbooks desktop –
Go to the + New and select Refund receipt. · Select the customer you want to refund from the Customer dropdown. · Enter the details in the fields. Go to the Help menu and select Update QuickBooks Desktop. · Select the Update Now tab. · Click Get Updates to start the download. Issue Overpayment Refund in QuickBooks Desktop · Go to your menu Banking>Write Checks. · Choose the appropriate bank account. · Choose the appropriate check number.
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