Categories
Bank Deposit Banking Deposit Pay Bills Vendor Credit

How to handle refund on a debit card from a vendor to the project

How to handle refund on a debit card from a vendor? It’s downloaded as a bank deposit in bank feed. How can I assign that credit to the project?

It involves few steps process to handle vendor refund on a debit card to the project in QBO.

1) Create Vendor Credit (Plus sign at the top right > Vendors > Vendor Credit)
a. Select Vendor payee
b. Select same expense account used to enter original transaction
c. Enter amount
d. Select Customer/Project
e. Save
 

VENDOR CREDIT FORM
VENDOR CREDIT FORM

 
2) Go to Banking (Left Dashboard > Banking)
a. Under “For Review” tab, locate refund deposit on a debit card from a vendor
b. Click the transaction row
c. Switch radio button from “Add” to “Find Match”
d. Under “Resolve difference” drop-down arrow, select “Add new transactions”
e. Under add transactions tab, enter vendor refund credit
Payee = Vendor payee (gave you refund)
Category = Accounts Payable (A/P) account
Amount = Refund amount
f. Save
 
ADD NEW TRANSACTIONS BOX
ADD NEW TRANSACTIONS BOX

 
ENTER DEPOSIT REFUND AS A NEW TRANSACTION
ENTER DEPOSIT REFUND AS A NEW TRANSACTION

 
NOTE: If QuickBooks is not connected with the bank account (Plus sign at the top right > Others > Bank deposit). It will take to the same deposit screen.
 
3) Go to Pay Bills to clear both credit and deposit from vendor’s A/P account (Plus sign at the top right > Vendors > Pay Bills)
a. Select Vendor line check box to clear the account. It should be zero amount
b. Save
 
PAY BILLS FORM
PAY BILLS FORM

 
That should do it.
 
For step by step video tutorials, check out our YouTube video. If you like this video don’t forget to like and subscribe!

 

Categories
Bank Deposit Deposit Sales Receipt Sales Receipt 2 Transactions

I need to edit deposits and want to make it sales receipt instead. How can i do with without deleting the transaction.

There is no way to switch transaction from deposit to create sales receipt.

  • Delete entered deposit
  • Create new Sales Receipt
Categories
Bank Deposit Deposit undeposited funds

How to enter one bank deposit & match to several different invoices

 

#1 Create Client Invoices

#2 Receive Payment
Select Deposit to: Undepeposited Funds account

#3 Bank Deposit: match several payments for several invoices to one bank deposit slip.

QuickBooks Online: Enter one bank deposit & match to several different invoices

 

Categories
Chart of Accounts Customer Center Customers Customers Center Deposit

In Peachtree I enter receipts from cash I received into two different accounts. Depending whether is rental payment or security deposit. Now, how do I create cash accounts in QB?

In newQBO, you will need to create new accounts setup in Chart of Accounts:

  • Cash Account (Bank Type)
  • Rental Payment (Income Type)
  • Security Deposit (Other Current Liabilities Type)

(From Company Gear, top upper corner > select Chart of Accounts under Settings header)
Also, if you are creating Sales Receipt, you will need to Product/Service Item for these two:

  • Rental Payment (Income account linked to Rental Payment)
  • Secuirty Deposit (Income account linked to Security Deposit account)
  • (From Company Gear, top upper corner > select Products and Services under Lists header)

For creating Sales Receipt (From create “+: plus sign, top middle > select Sales Receipt under Customers)
In newQBO, you will have to constantly deal with Three Amigos.

  1. Create “+” sign = enter all transactions
  2. Gear = settings/preferences
  3. Left navigation bar = history, reports, banking, customers/vendors center