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… Continue reading How to handle refund on a debit card from a vendor to the project
Accounting treatment in QuickBooks is exactly the same like when Vendor goes out of business prior to payment for the open balance. If the vendor (or customer with a credit balance) goes out of business due to bankruptcy, keep it until you hear from the courts with instructions as to where to forward your payment.… Continue reading How to handle when a customer has an overpayment in account balance and goes out of business
First, you need to get some guidance from the parent company if they go through inter-company elimination process to prepare consolidated balance sheet report. In QBO create Intercompany Accounts Payable Account (not main Accounts Payable A/P) > you can select “Credit Card” Type > it will show as Credit Card group on the Balance Sheet.… Continue reading How do you mark a bill as paid if paid by your parent company (not by your bank account or credit card)
It is kind of hard of believe they do not have designated “Debit Card Credit Form” (or Expense Credit Form), just like one they have for Credit Card Credit Form. I am not excited to give this way-around approach, but it will work especially recording credit for customer job related return. #1 create new credit card… Continue reading I returned items that were ordered for customer job and charged to my bank debit card. They will be refunded back to my bank debit card. How do I enter this credit into QBO back to customer job?
I followed the refund by a vendor. I entered as a deposit. But then it does not show in the vendor’s transaction listing. How should I really enter this type of transaction? At this point, they do not have have any designated way to record this transaction. It is just work-around approach to show in… Continue reading How should I really enter refund by a Vendor in new QuickBooks Online?
Do not use “Paying Bills” feature when you want apply a specific vendor credit. It seems there is even a design flaws on “Paying Bills” feature when it comes applying a specific vendor credit when you’ve multiple vendor credits in Vendor’s account. Credit column provides no ability to select specific reference to available vendor credit. Alternative… Continue reading How do I apply a specific vendor credit when paying vendor bills? We have several vendor credits against this vendor.
It involves three steps process. Step # 1 Issue Vendor Credit (+ sign > Vendor Credit under Vendors) Make sure to use the same account originally used Step # 2 Deposit refund to the bank (+ sign > Bank Deposit under Other) Received From = Vendor’s Name Account = Accounts Payable (A/P) Step # 3… Continue reading How do I add a credit for a vendor (supplier) without any open bills? I also like to see this credit in Vendor’s Center.
How do I record negative Vendor bill? If it’s for vendor’s (or supplier’s) credit bill: Click Create “+” sign in the middle (see attached screenshot below for reference) Select “Vendor Credit” under Vendors It will leave credit balance on Accounts Payable under Vendor’s Name. New QuickBooks Online Plus – How to enter various expenses in… Continue reading How do I record negative (credit) Vendor (Supplier) Bill in new QuickBooks Online?
(1) Try “Vendor Credit” form (from create “+” sign > Vendor Credit under Vendors header) If you are using “Enter Bill” form to enter vendor bill and returning to the same vendor, you could use Vendor Credit form. It will show negative Vendor balance. (2) For returning credit for Credit Card purchases > use Credit… Continue reading Where to enter credit for returned items or purchases in new QuickBooks Online?