Wokingham Accountants

Quickbooks

Supplier Refund

If a supplier refunds you and the amount is paid back into your bank account follow the instructions below.


Create supplier credit

Click on the '+' sign at the top right of your screen and under 'Suppliers' select 'Supplier Credit'.

Just like a purchase, enter the supplier name, date, account (this should match what the original purchase was posted to), amount & VAT (if applicable).

Click the green button at the bottom right of the screen: 'Save and close'.


Create a deposit

Click on the '+' sign at the top right of your screen and under 'other' select 'bank deposit'. You'll need to enter the following details:

  • Account (top left) = the bank account that the money was received in

  • Date = date money was received in the bank

  • Received From = supplier name

  • Account (deposit details) = creditors

  • Amount = Amount received

  • VAT = no VAT

Click the green ‘save & close’ button at the bottom right of the screen.


New transaction

Click on expenses on the left hand side, click suppliers and click the suppliers name. It should then give you an option to select 'new transaction/cheque' at the top right of the screen.

On the right hand side, click add on both the 'deposit' and 'supplier credit' - this will pair the two up. Add the payment date as the date the money was received in the bank.

Click the green ‘save & close’ button at the bottom right of the screen.

Click on the banking tab on the left hand menu and match the transaction.