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
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
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
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!
When you enter a check (create + sign > check), there is a memo section on the bottom left the side of the check (see attachment below). If you have text entered in that memo area, it will print on a check.
check memo line
However if you enter a bill (create + sign > bill), even if you’ve entered text entered in that memo area, it will not print on the check when select pay bills (create + sign > pay bills).
If you need to print a fixed memo line like the account number or a specific memo line message on a check print, you can select “account number” field on vendor information page (see attachment below). That way it will print the same memo line on specific vendor checks all the time.
vendor info acct nocheck print with memo
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In QuickBooks Online, there is no feature setup to print reference number (or vendor bill number) on voucher checks. Reference number comes directly from entered bill number field.
Here is a sample of Voucher Check printout: Click on the screenshot below to enlarge it
Reference column = entered vendor invoice number on “bill no.” field
A barter transaction is one in which you buy products and services to a person (vendor) or company from whom you also sell other products and services (customer).
Set up the bartering process in QBO:
Open your vendor center and add the vendor to your vendor information screen with a “(V)” after the name.
From the home page screen > left blue navigation bar > Vendors > New vendor (upper right corner) > Fill out vendor information > Example: Barter Enterprises (V)
Open your customer center and add the customer to your customer information screen with a “(C)” after the name.
From the home page screen > left blue navigation bar > Customers > New customer (upper right corner) > Fill out customer information > Example: Barter Enterprises (C)
Set up a new bank account for your barter transactions.
From the home page screen > left blue navigation bar > Transactions > Chart of Accounts > New > Category Type = Bank > Detail Type = Cash on hand (or select one) > Name = Barter Clearing > Description = Bank Clearing – Same Vendor and Customer
Check out our helpful YouTube tutorial video. Be sure to subscribe our channel. Follow us on Twitter (@newqbo). We highly encourage you to watch the entire video.. You do not want to miss a step!
Enter Bills and Invoices:
Enter Bills and Invoices as normally would. No difference. Make sure to select Vendor (V) on bills and the Customer (C) on invoices.
For entering Bill > From the home page screen > create + sign > vendors > bill
For entering Invoice > From the home page screen > create + sign > customers > invoice
Barter Settlement
Make payment due (money out) to the Vendor (V) Case # 1:
Vendor Bill = $600.00
Customer Invoice = $500
Balance due to Vendor (V) = $100
Pay Bills and Receive payment
To Pay Bills (partial $500) > From the home page screen > create + sign > vendors > pay bills
Payment Account = Barter Clearing (IMPORTANT)
Select “Pay” Vendor (V) checkbox
Amount to pay = Same amount as Customer Invoice (example: $500)
Starting Check No. = Non Cash Payment
To Receive Payment > From the home page screen > create + sign > customers > receive payment
Select Customer (C)
Payment Method = Non Cash (add new if needed)
Reference = Barter
Deposit to = Barter Clearing (IMPORTANT)
Select Outstanding Invoice transaction
Amount = $500
To Pay Bills (remaining $100) > From the home page screen > create + sign > vendors > pay bills
Payment Account = Bank Account (IMPORTANT)
Select “Pay” Vendor (V) checkbox
Amount to pay = $100
Starting Check No. = Non Cash Payment
Review Bank Register for Barter Clearing account (from the home page screen > left blue navigation bar > transactions > chart of accounts > view register under action column
This account should have zero balance.
Receive payment due (money in) from the Customer (C) Case # 2:
Customer Invoice = $2,000
Vendor Bill = $800.00
Balance due from Customer (C) = $1,200
Receive payment and Pay Bills
To Receive Payment > From the home page screen > create + sign > customers > receive payment
Select Customer (C)
Payment Method = Non Cash (add new if needed)
Reference = Barter
Deposit to = Barter Clearing (IMPORTANT)
Select Outstanding Invoice transaction
Amount = $800 (partial)
To Pay Bills > From the home page screen > create + sign > vendors > pay bills
Payment Account = Barter Clearing (IMPORTANT)
Select “Pay” Vendor (V) checkbox
Amount to pay = $800 (same as vendor bill)
Starting Check No. = Non Cash Payment
To Receive Payment ($1,200 by check) > From the home page screen > create + sign > customers > receive payment
Select Customer (C)
Payment Method = Check
Reference = Customer (C) check number
Deposit to = Bank Account (IMPORTANT)
Amount = $1,200
Review Bank Register for Barter Clearing account (from the home page screen > left blue navigation bar > transactions > chart of accounts > view register under action column
This account should have zero balance.
Note: It can also make this barter process to work even if the customer and vendor are different, but need to settle out A/R and A/P balances.
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I made a large purchase that had to be paid with multiple payment sources.
I can find lots of information for splitting a single payment into multiple expenses, but how does one go about recording the opposite case? For example, a $10,000 expense that was paid $6,000 from a checking account and $4,000 on a credit card account.
ANSWER:
Start with entering a Bill for this purchase of $10,000
From the home page screen > Create + sign > vendors > bill
Fill out bill form. See attached photo 1 for reference.
.
Then use Pay Bills, and pay by using the bank checking account for that $6,000 part. Then, Pay bills, and do the credit card account for $4,000 part.
From the home page screen > Create + sign > vendors > pay bills
See attached photo 2 for manual check payment reference.
See attached photo 3 for credit card payment reference.
