What if the amount of the refund from the insurance company is higher than the current month's expense? The expense shows a credit amount which is not a normal transaction in the P&L..
Hi ! Just do the exact same thing as on the video, but add the customer name and click the little box that says to assign to the customer. It is on the left, mid screen.
Love the video. This is actually what the QucikBooks rep suggested on the phone, but he was not clear; you were. I just found the answer to my question. I was going to ask about the chart of accounts piece. It might have enhanced your video if you showed the "insurance" chart of accounts, for example. I just looked at mine and it does show the deposit as a negative number, reducing the amount of insurance paid for the year. Thanks for the video!
We returned some merchandise to Uline, created Supplier Credit in QBO. The refund came on our corporate credit card. How to match to refund with supplier credit?
Are you in QuickBooks online or desktop? This video is for QuickBooks Online. And also the video is older and Intuit (the maker of QuickBooks) moved the plus sign to the top left of the screen.
@@lyndaartesani2653 I am a bookkeeper using QB but definitely not a CPA. I have one-off questions sometimes so I have to search for the answers. I looked for the right answer for almost an hour before I found you. So quick and simple! I am a new subscriber!
Journal entry will work. You would credit the expense that the a/p points to and debit a/p. Be sure to add the vendor name so it can be applied via bill payment to tie the two transactions together.
@@matthewallmark7275 You don't have bills in Simple Start which is why you cannot do a vendor credit. No a/p. You can do a refund. +bank deposit to the expense acct. on the original purchase.
Hi Jennifer: you would do the same thing. Put the bill into a category and the vendor credit into the same category to wash each other out. You could create an item for fraud and point it toward misc. expense and put it in there. Use the fraud item on the bill and the vendor credit.
What about paying an outstanding bill with a vendor credit. I have an open bill for 75 and i have a credit without sending a payment yet. How to i do that?, asks me to select a Bank Account in order to apply it but is a credit. Any ideas?
Hello Saulo: Thank you for watching. You can apply the vendor credit without paying. But you have to make sure that the credit amount is the whole payment. So enter the full payment to activate the credit in the "pay bills" window in QBO, then change the amount to be zero for the payment. I will do a video to demonstrate so stay tuned. :)
Is this the same process if the refund transaction already appears in my quickbooks under banking? And does the original transaction expense stay or does it need to be changed?
Yes, you can enter it from the banking screen window. Just apply it to the appropriate expense category. And the original expense stays in place. When you review your Profit and Loss report, you will see the expense total and the refund, giving you the correct net expense or cost to your business.
I have the refund deposited to my credit card account. How to record the deposit to credit account? Here it only accepts Checking account on the top left corner under account.
Hello Lynda, the video is great. But I was wondering what happens if the vendor gives us a refund cash on hand (if they don't pay directly into our bank account). Is there a way I can put the refund into Undeposited Funds and later, when I take the money to the bank, to put it into the business's bank account (so that I don't go to the Bank Deposits window first, but something else). Or, is it customary in the US that the vendor pays a refund directly into the firm's bank account? Thanks in advance! Ivana
Thanks a lot, Lynda. Now it's much easier that I know it is usual for the vendor to pay the refund into our bank account. I asked this question in the first place because in my country all variants are possible. :) Best, Ivana
What if the amount of the refund from the insurance company is higher than the current month's expense? The expense shows a credit amount which is not a normal transaction in the P&L..
Did the refund come from a prior year's expense? It is still a contra expense.
How can I get this to show up in the newer"Projects?"j I want to record it in the project and in the class. Only the class option shows up. Ugh.
Hi ! Just do the exact same thing as on the video, but add the customer name and click the little box that says to assign to the customer. It is on the left, mid screen.
Love the video. This is actually what the QucikBooks rep suggested on the phone, but he was not clear; you were. I just found the answer to my question. I was going to ask about the chart of accounts piece. It might have enhanced your video if you showed the "insurance" chart of accounts, for example. I just looked at mine and it does show the deposit as a negative number, reducing the amount of insurance paid for the year. Thanks for the video!
We returned some merchandise to Uline, created Supplier Credit in QBO. The refund came on our corporate credit card. How to match to refund with supplier credit?
Since you used a credit card, use the credit card credit feature under the plus sign (quick create) button.
It will show negative balance in vendor if I choose credit card credit
how do I apply the deposit from Hartford to the credit balance I have in by insurance account in QBO?
What is Hartford?
I dont even have that plus sign on the dashboard
Are you in QuickBooks online or desktop? This video is for QuickBooks Online. And also the video is older and Intuit (the maker of QuickBooks) moved the plus sign to the top left of the screen.
@@artesani quick booking online
Great video. Exactly what I was looking for. Better than all the other videos I watched.
Hello, great video. Definitely a keeper! Would this work with a refund from a loan also? or is that another beast? Thank you.
oh, this was done in July 2020 and was never matched.
A loan refund is unusual. You will need to determine if it is a refund for overpayment of interest paid or something else
@@artesani Ok. I will await the explanation and if it is interest paid then I will put it to interest expense account(?) Thank you for responding.
Thank you!
You are welcome! 😊
@@lyndaartesani2653 I am a bookkeeper using QB but definitely not a CPA. I have one-off questions sometimes so I have to search for the answers. I looked for the right answer for almost an hour before I found you. So quick and simple! I am a new subscriber!
You're welcome!
Thank you for subscribing! Be sure to join our facebook group, the accountant's law lab.
Yes, i would agree great video. Better than all the others I have learned from.
Thank you Debra! :)
It says my subscription doesn't support "Vendor credit". Is there another way to record the refund?
Journal entry will work. You would credit the expense that the a/p points to and debit a/p. Be sure to add the vendor name so it can be applied via bill payment to tie the two transactions together.
Are you using simple start?
@@artesani yes
@@matthewallmark7275 You don't have bills in Simple Start which is why you cannot do a vendor credit. No a/p. You can do a refund. +bank deposit to the expense acct. on the original purchase.
Great information. Would you illustrate how to enter a vendor credit for charges that were not authorized?
Hi Jennifer: you would do the same thing. Put the bill into a category and the vendor credit into the same category to wash each other out. You could create an item for fraud and point it toward misc. expense and put it in there. Use the fraud item on the bill and the vendor credit.
What about paying an outstanding bill with a vendor credit.
I have an open bill for 75 and i have a credit without sending a payment yet. How to i do that?, asks me to select a Bank Account in order to apply it but is a credit. Any ideas?
Hello Saulo: Thank you for watching. You can apply the vendor credit without paying. But you have to make sure that the credit amount is the whole payment. So enter the full payment to activate the credit in the "pay bills" window in QBO, then change the amount to be zero for the payment. I will do a video to demonstrate so stay tuned. :)
Is this the same process if the refund transaction already appears in my quickbooks under banking? And does the original transaction expense stay or does it need to be changed?
Yes, you can enter it from the banking screen window. Just apply it to the appropriate expense category. And the original expense stays in place. When you review your Profit and Loss report, you will see the expense total and the refund, giving you the correct net expense or cost to your business.
You would enter it and then match it in the bank feed.
Excellent video! This was very helpful! Thank you so much!!
Thank you!
I have the refund deposited to my credit card account. How to record the deposit to credit account? Here it only accepts Checking account on the top left corner under account.
You would enter that as a credit card credit. It is under the plus sign in QBO.
Hello Lynda,
the video is great. But I was wondering what happens if the vendor gives us a refund cash on hand (if they don't pay directly into our bank account). Is there a way I can put the refund into Undeposited Funds and later, when I take the money to the bank, to put it into the business's bank account (so that I don't go to the Bank Deposits window first, but something else). Or, is it customary in the US that the vendor pays a refund directly into the firm's bank account?
Thanks in advance!
Ivana
Thanks a lot, Lynda. Now it's much easier that I know it is usual for the vendor to pay the refund into our bank account. I asked this question in the first place because in my country all variants are possible. :)
Best,
Ivana