QuickBooks 2011: The Missing Manual

Recording Vendor Refunds and Credits

Say you ordered 30 dozen lightweight polypropylene t-shirts for your summer Death Valley marathon, but your vendor mistakenly silk-screened the logo on long-sleeved cotton t-shirts heavy enough to survive a nuclear blast. If you raise a ruckus, the vendor may issue you a refund check or a credit. Either way, it’s easy to record the money you get back in QuickBooks. Here’s how to deposit a vendor’s refund check:

1. On the Home page, click Record Deposits.

   You can also choose Banking→Make Deposits.

2. If the “Payments to Deposit” window appears, click OK to open the Make Deposits window.

   The “Payments to Deposit” window opens if you have other deposits to make. If you want to deposit them along with the refund check, turn on the checkmark cell for each deposit you want to make and then click OK.

3. In the Make Deposits window’s Deposit To drop-down list, choose a bank account.

   If you selected other deposits in the “Payments to Deposit” window in the previous step, they appear in the table.

4. In the first blank Received From cell, choose the name of the vendor who issued the refund check.

   You can choose a customer, employee, or other name if the check isn’t from a vendor.

5. In the From Account cell, choose the account associated with the refund.

   For a refund for shirts you purchased, you might choose a cost of goods sold account that you use for products you buy specifically for a customer. If the refund is for office supplies, choose the expense ...