Millward, May & Co - Wokingham Accountants
Wokingham Accountants

Quickbooks

Supplier Refund

If a supplier refunds you and the amount is paid back into your bank account follow the instructions below.


Create Supplier Credit

Click on the '+' sign at the top right of your screen and under 'suppliers' select 'supplier credit'. Just like a purchase, enter the supplier name, date, account, amount & VAT fields and click 'save and close'.


Create a Deposit

Click on the '+' sign at the top right of your screen and under 'other' select 'bank deposit'. You'll need to enter the following details:

  • Account (top left) = the bank account that the money was received in
  • Date = date money was received in the bank
  • Received From = supplier name
  • Account (deposit details) = creditors
  • Amount = Amount received
  • VAT = no VAT

New Transaction

Click on expenses on the left hand side, click suppliers and click the suppliers name. It should then give you an option to select 'new transaction/cheque' at the top right of the screen.

On the right hand side, click add on both the 'deposit' and 'supplier credit' - this will pair the two up. Click 'save and close'.

Click on the banking tab on the left hand menu and match the transaction.