This was very helpful, thank you for sharing. I actually took this one step further to clear out the open balance on the credit by recording a $0 payment on the bill.
Great video. I like the just the facts attitude of it. Thank you for the help. Amazon lost a portion of my order and issued a refund back to my checking account. This was exactly the information I needed to be able to handle this refund. Thanks again.
Great Video, but you forgot the final step. You need to go to Pay Bills and select the Vendor Credit and apply the Deposit to the Vendor Credit. This will connect the Deposit and Credit. If you don't do this step you will show an Overdue payment.
I followed this and mine shows a overdue amount under the vendor name but not under the list of vendors, it is zero on that screen but not within the actual vendor itself.
I would record such refund through a journal entry reversing the payment i.e. Debit the bank accoundt and Credit the Expense (as the expense was overly debited prompting the refund)
I followed these steps exactly and now it shows the amount of the credit as an Overdue balance when I look at the vendor in Quickbooks instead of showing zero like yours does.
@@jannetefernandez5389 @Ashley-ek5kp Mine did as well. I found a comment by @meloniestall7932 that said, to clear the credit, use "Pay Bills" to pay that expense. The credit in the account will offset it, and both items will properly zero out.
This is very helpful. I had a payment refund from a vendor that was paid and refunded via paypal. I am noticing that I know have an overdue balance with this vendor for the amount that was refunded. I followed these instructions and noticed that your example does not show this, I'm wondering why mine is showing differently. I see that others have this same issue. Any insight?
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
QUESTION! What do I do with the refund amount sitting in my auto-detected transactions? Do I link that somehow? I haven't seen anyone talking about the auto-detected transactions and what to do on that screen :/
How would I enter a deposit from personal account to business? Do you have a video on that? Due to late customer payments we've had to borrow from personal to process payroll.
This happened to me as well - I ended up deleting the Vendor Credit; the Bank Deposit transaction remained on the vendor account and canceled out the original payment.
what i did, i hot to the vendor, i Make Payment ticking off the deposit and the supplier credit. Then i can now match both money in and out from the bank feed.
Matt, please help! I'm a relatively incompetent QB user and can't figure out why QB Online doesn't let me job cost my vendor bills anymore. I can enter my lumber yard bills (I'm a GC) line by line but I no longer have a column for applying each line to a customer account. What happened? Better yet how do I add this back in?
@@QbuniversityOrg I got in contact with QB. Turns out job costing is not a feature on the basic subscription level. My introductory rate for QB Plus ended last month and I thought $100/mo was extreme so I downgraded. They've forced my hand into getting plus. As soon as I upgraded to plus my ability to assign costs to customers was back. Thanks for your reply.
Hi there! I did it, and the vendor is on ZERO, as mentioned in the video. But when I click on the vendor, it appears to be an overdue payment for the refund amount. How do I resolve that situation? Thank you so much for your help.
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
How do I handle the Deposit in Bank Transactions (This auto sync's with my checking account)when I have deposited multiple checks from vendors and customers? How can I match the deposit to my customers open invoices and match it to the refund from my vendor so I can clear the deposit from my bank transactions?
Hi there! I followed the steps and it is ok because it is in ZERO. But when I click in the vendor I see appears an OVERDUE PAYMENT for this amount. Anyone can help me? Thanks!!
Hi there! I followed the steps but right at the end I have on the page of company (in your case Cal Tel) on the top right corner I have a $0 open but "-77.23" on the overdue. What does that mean? Why is it different? What am I doing wrong? Yours shows $0 for open and $0 for Overdue.
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
Great Point! If you use the "Cash back goes to" option, in addition to everything mentioned in the video, and select the Credit Card that received the credit it will show up as a match!! I could not find anyone addressing this exact option, as of this post, but it worked!!
Master Quickbooks Online in 4 easy steps - www.QBUniversity.org/Masterclass
Great video man! You're a lot more personable than most of the Quickbooks tutorial makers I've seen.
Awesome thanks so much!
Nice clear to the point instruction and good clear voice! Good job.
Thanks!
This was very helpful, thank you for sharing. I actually took this one step further to clear out the open balance on the credit by recording a $0 payment on the bill.
Super helpful vid. Transaction auto matched to my banking feed also which is what I was hoping for but don't think it was mentioned in the vid.
Awesome!
That is what I was wondering....what happens to the Deposit of the Refund in my Bank Feed. Thank you for posting this.
Great video. I like the just the facts attitude of it. Thank you for the help. Amazon lost a portion of my order and issued a refund back to my checking account. This was exactly the information I needed to be able to handle this refund. Thanks again.
Awesome!
Great Video, but you forgot the final step. You need to go to Pay Bills and select the Vendor Credit and apply the Deposit to the Vendor Credit. This will connect the Deposit and Credit. If you don't do this step you will show an Overdue payment.
Thanks!
I followed the steps in the video. What are the next steps for categorizing the transactions that are waiting to be reviewed?
you actually categorize it the same way it was categorized originally.
Nicely done. Great instructions and now moving forward again!
Thanks!
Wonderful step by step instructions AND the purpose of each step. Thank you
I followed this and mine shows a overdue amount under the vendor name but not under the list of vendors, it is zero on that screen but not within the actual vendor itself.
Thank you. This was so much more helpful than QuickBooks support.
You’re welcome!
To clear the credit, I had to 'Pay Bills' to offset the credit against the Account Payable item so it was not showing up on my 'Unpaid Bills' Report.
How do you do that? I keep seeing an "unpaid bill"
I would record such refund through a journal entry reversing the payment i.e. Debit the bank accoundt and Credit the Expense (as the expense was overly debited prompting the refund)
Yep that could work too
I followed these steps exactly and now it shows the amount of the credit as an Overdue balance when I look at the vendor in Quickbooks instead of showing zero like yours does.
mine does too. have you found a solution?
@@jannetefernandez5389 @Ashley-ek5kp Mine did as well. I found a comment by @meloniestall7932 that said, to clear the credit, use "Pay Bills" to pay that expense. The credit in the account will offset it, and both items will properly zero out.
This is very helpful. I had a payment refund from a vendor that was paid and refunded via paypal. I am noticing that I know have an overdue balance with this vendor for the amount that was refunded. I followed these instructions and noticed that your example does not show this, I'm wondering why mine is showing differently. I see that others have this same issue. Any insight?
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
Excellent video, but my doubt is to keep the unpaid bill, what should I do?
Do you mean you don’t want to keep the unpaid bill?
QUESTION! What do I do with the refund amount sitting in my auto-detected transactions? Do I link that somehow? I haven't seen anyone talking about the auto-detected transactions and what to do on that screen :/
Excellent, clear explanation . . . . .Thank you!!!
How would I enter a deposit from personal account to business? Do you have a video on that? Due to late customer payments we've had to borrow from personal to process payroll.
I do have a video on that. Make a liability account called Loan from Owner and deposit the money to that account.
The problem is that when I do the Vendor Credit and then the Bank Deposit, Quickbooks deducts the refund from the vendor account twice.
This happened to me as well - I ended up deleting the Vendor Credit; the Bank Deposit transaction remained on the vendor account and canceled out the original payment.
what i did, i hot to the vendor, i Make Payment ticking off the deposit and the supplier credit. Then i can now match both money in and out from the bank feed.
Matt, please help! I'm a relatively incompetent QB user and can't figure out why QB Online doesn't let me job cost my vendor bills anymore. I can enter my lumber yard bills (I'm a GC) line by line but I no longer have a column for applying each line to a customer account. What happened? Better yet how do I add this back in?
I’m assuming you could do this before? Did something change in your Settings/Preferences (Account Settings under Gear icon)
@@QbuniversityOrg I got in contact with QB. Turns out job costing is not a feature on the basic subscription level. My introductory rate for QB Plus ended last month and I thought $100/mo was extreme so I downgraded. They've forced my hand into getting plus. As soon as I upgraded to plus my ability to assign costs to customers was back.
Thanks for your reply.
Hi there! I did it, and the vendor is on ZERO, as mentioned in the video. But when I click on the vendor, it appears to be an overdue payment for the refund amount. How do I resolve that situation? Thank you so much for your help.
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
AWESOME - thank you!
You’re welcome!
How do I handle the Deposit in Bank Transactions (This auto sync's with my checking account)when I have deposited multiple checks from vendors and customers? How can I match the deposit to my customers open invoices and match it to the refund from my vendor so I can clear the deposit from my bank transactions?
Hi there! I followed the steps and it is ok because it is in ZERO. But when I click in the vendor I see appears an OVERDUE PAYMENT for this amount. Anyone can help me? Thanks!!
Hi there! I followed the steps but right at the end I have on the page of company (in your case Cal Tel) on the top right corner I have a $0 open but "-77.23" on the overdue. What does that mean? Why is it different? What am I doing wrong? Yours shows $0 for open and $0 for Overdue.
If you "Schedule payment" (even though there will probably be a QB error popup because QB cannot apply a credit to a scheduled payment when there is no payment is due) it should zero out the credit/overdue balance. It worked for me.
Very helpful. Thanks. My refunds still appear under bank transactions ‘for review’. Do I also need to ‘confirm’ bank transaction?
Mine was removed when I followed his steps
I ran into the same issue the check that was deposited remains in my to be approved bank transactions
What if the credit was sent back to the credit card used at time of purchase?
Great Point! If you use the "Cash back goes to" option, in addition to everything mentioned in the video, and select the Credit Card that received the credit it will show up as a match!!
I could not find anyone addressing this exact option, as of this post, but it worked!!
How is this matched with bank transactions?
This really helps
Awesome!