How to Handle Vendor Credits on Ivy Ivy Help Center


In addition to that, I can’t track any entry from any of this. It’s like I never entered anything as nothing seems to be recorded. I then go to Enter Bills and follow the directions, which are as clear as mud, and enter the refund account and amount.

link the deposit

the better way to record prepayment amortisation in xeroes trust QuickBooks software to manage transactions with vendors along with handling vendor refund credits. This helps in maintaining precise account information. At times, the businesses get a refund for making business expenses. The refund should get added to the funds available to a business, right? If it’s not added, the accounts will show a discrepancy.

How To Record A Refund Check From A Vendor In QuickBooks Online?

One week you pay a bill to your supplier for cleaning supplies. A few weeks ago you received the bill and entered the bill in QuickBooks correctly. Get instant assistance with QuickBooks accounting software.


In the Payee field, choose the name of the payee. Now, select ‘Credit card account’ after going to the Credit Card option. After that inside the ‘Amount column, fill in the right amount for all accounts.

How to Set Up E-File in QuickBooks?

In the Make Deposits window, select the Received from drop-down and choose the vendor who sent you the refund. This button displays the currently selected search type. When expanded it provides a list of search options that will switch the search inputs to match the current selection. He is the bestselling author of 100-plus books about how to use computers to manage personal and business finances. We recommend including a note on the memo or on the edited line item to reflect why and when the change in cost occurred. You would then need to manage your credit outside of Ivy, directly with the vendor.

In the Credit Amount field, enter the amount of the refund. In the Account field, select a Wash account. In the Amount Due field, enter the amount of the refund. Select the Expenses tab and enter the Accounts you would normally use for refunds. Click the Create plus (+) sign and, from the Create menu that appears, choose Expense. Everything now is recorded properly and all our transactional records tie back to each other.

To get your bill credit, select “Set credits” and then apply for your bill credit. When it’s approved, you can then click done.. The Available Credit window will appear. However, if you wish to provide credits instead of a refund, then click on Retain as an Available Credit, then Ok. We’re here to help you save time and money with your QuickBooks software.

How about simply posting the deposit to water expense (to continue your example.). Why not just post the refund amount directly to the appropriate expense in the Make Deposit window. If more than 1 credit exists, select the Credit from the Credits window. Click Set Credits to apply the Vendor Credit you created. E-Tech is the #1 Quickbooks data migration and Conversion service provider. In theChoose a Vendorfield, select the appropriate vendor name.

How to Fix QuickBooks Error 16026?

You must deposit the credit and record what the refund was for. In check window, select the bank account you are using for the refund, enter the amount and click Save at bottom right. Match or allocate any the payment on account or credit note to the correct invoice. This leave an outstanding value on the invoice. Select or search for the relevant credit note. Select the check box to match the credit note and created a refund.


In this scenario, you can record the deposit of your check and then link it to your bill. Your vendor can send you a refund when certain items are returned by you. In several other situations too, you can receive a vendor refund check.

Using Your Credit

Rather than choosing “Supplier Credit,” though,” choose “Bank Deposit.” You should see an option to add deposits. Recording a supplier credit requires adding a deposit for the refund. If you own a business then you know it is very important to manage your account properly.

I can get through the deposit screen (why am I depositing something that hasn’t been entered is beyond me). I’m trying to enter a refund from an insurance company that came to me before the period had expired, because I’d sold the rental property. If the refund does not have Items, select the Expenses tab, select the appropriate Accounts and enter the Amount. In the Amount field, enter the amount of the refund.

This option is usually present under transactions. Hence, you won’t need to create a separate income account, but you need to create a separate clearing account. It is always recommended to create separate clearing accounts for different purposes. Having multiple clearing accounts won’t affect your books in any manner. 💠 Select create credit memos/Refunds from the menu.


In the column of ‘Amount’, fill in the exact amount mentioned in the ‘Vendor’ check. Leave theCheck#,Date,Amount, andMemofields as they are . Select Save and Close to exit the refund receipt window when you’re done. Pick the Refund Receipt from the + menu to open a new refund receipt. Match the amount you deposited and “Vendor’s check amount”. Enter the account appropriate amount for each “Account” in the amount column.

Then, select the appropriate ‘Accounts Payable‘ account. Firstly go to the ‘Banking menu‘ and select ‘Make Deposits‘. Verify the data in the Deposit as well as the Vendor check amount. XLS, XLXS, etc., are supported file formats by Dancing Numbers.

Once this has been done, you only need to the amount of the deposit to your bill credit. Thus, you will be able to record a vendor refund in QuickBooks Desktop. These are the best solutions and procedures to record vendor refund in QuickBooks Desktop.

Lämna ett svar

Din e-postadress kommer inte publiceras. Obligatoriska fält är märkta *