Vendor Vendor Credit Vendors

Where to enter credit for returned items or purchases 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 Card Credit form 

(3)  For returning credit for Debit Card purchases (or purchases paid by check) > use Make Deposits. In new QBO, they do not have Debit Card Credit or or Check Credit Expense Credit form at this time. There is a known problem using Make Deposits feature. It will not show up in the Vendors center. This is a huge known problem in new QuickBooks Online.

Return Credits
Return Credits

Expense Expenses

How do I enter historical expenses (already paid for) for 2013 to get started in new Quickbooks Online?

Expense Check
Expense Check

In order to enter historical expenses, stay with these two specific forms:
Click “+” plus icon > select “Expense” under Vendors menu
Click “+” plus icon > select “Check” under Vendors menu

Expense Form:

You can use this form to enter Debit card, ATM Card, EFT, Wire transfer or any banking related withdrawals or charges (except checks)

Choose a payee or vendor’s name > select bank name account > select Expense Date (example if the charges were for 3/1/2013, enter the same way , not today’s date >>> VERY IMPORTANT since you are entering historical charges) > select Account category > Enter Amount > Save
NOTE: You can also use this form to enter Credit Card charges as well. Just select credit card account (open add new if needed)

Check Form:

Same way like above except, enter actual Check Number rather than Reference Number.
Once again, key here is to carefully select accurate expense date since you are entering historical transactions. You can use Expense date as posted on the bank statement.