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Old 05-16-2017, 10:38 AM
CindyMatteson CindyMatteson is offline
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Join Date: Apr 2014
Location: Oswego, New York
Posts: 27
Refund from Vendor

Here is a question that is going to make your eyes roll. I have a vendor that said there was still an outstanding balance owed to them. My records showed no balance due but I was sick and didn't feel like arguing so I created an additional bill for $500.00 and then paid the bill. Within days the vendor realized their error and refunded us $300.00.

My problem is that I entered the refunded money as a deposit; Received from (Vendor), From Accounts (A/P) and completed deposit.

Now, how do I make my Vendor balance to be zero again; it shows $300.00 balance due.

Thank you in advance
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Old 05-16-2017, 07:41 PM
Froid Froid is offline
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Join Date: Feb 2017
Location: Southern California
Posts: 134
Imagine you figured it out by now. Apologies for the forum not responding! Enter a "credit" type transaction into A/P for the vendor. Normally you enter "bills" there; just click the cell to indicate a "credit." Make sure to use a G/L coding that makes the transaction wash against the deposit you recorded.
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Old 05-17-2017, 09:30 AM
BooksInVA BooksInVA is offline
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Join Date: Jan 2017
Posts: 59
I think you may need to undo what you already did first, but here are my notes for when this happens to us:

Enter Refund Check from Vendor

This is rare, but when a vendor sends a refund check (insurance adjustment, overpayment, returns, etc.) the following will properly handle the check and include it in a deposit as well as connect the transaction to the vendor.
-Enter Credit Memo
-Go to Bank Deposits, manually enter deposit information (in addition to checking other deposits if applicable). You must use the Accounts Payable account.
-Go to Vendors Pay Bills. Select the vendor.
-Go to Set Credits and check the available credit.
-Click Pay Selected Bills.
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