QB Issue Resolution:
Create a dummy bank account called clearing
If you have a credit on the books with the vendor, deposit the check in the clearing bank, use accounts payable and select the vendor name as the source (from) account for the deposit. Then use pay bills, select the “bill” the deposit created and apply the credit.
Then write a check on the clearing bank, do not print it, payable to the vendor (landlord) – that will set a vendor credit. Each month you enter the rent bill, and apply a portion of the credit.
I do it this way instead of creating a pre-paid rent asset account, so that it is easy to remember that there is a credit – but doing it this way may in fact cause your a/p balance on the balance sheet to show a negative while the credit exists. (Depends on if there are any other a/p balances.) If that aspect is something you do not want to see, then create a pre-paid rent asset account and use that account as the source (from) account for the deposit. Then each month you will need to do a journal entry, debit rent expense, and credit the pre-paid rent asset account for the amount of the rent
edit: Just dawned on me an easier way, rename the clearing bank account to pre-paid rent and leave the balance in there. Monthly pay the rent from this bank account. When it is zero balance, rename the account to clearing or dummy or something.
Resolution for Issue 'Got refund from a vendor but check is made to another vendor (landlord). Sent the check to landlord, he has applied as a credit. How do I reflect the refund and credit?' available: Yes (Solved).
Source: Intuit Community forum.
Got refund from a vendor but check is made to another vendor (landlord). Sent the check to landlord, he has applied as a credit. How do I reflect the refund and credit?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for amount of the rent
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Error Recovery for amount of the rent [Canada]
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