QB Issue Resolution:

I completely understand how you’re concern about handling your ACH overpayment from last year and got a refund this month from a vendor.

 

First off, let’s enter a vendor credit to make sure it will hit the expense account you use for this vendor. Then, let’s deposit the money you got from a refund. Here’s how:

 

  1. Click the + New tab from the left menu.
  2. Choose Vendor Credit.
  3. In the Vendor drop-down menu, select a vendor.
  4. Enter the Category details or Item details as to how you record purchases with this vendor.
  5. Click Save and close.

 

Once done, follow these steps below to deposit the refund:

 

  1. Click the + New tab from the left menu.
  2. Choose the Bank Deposit.
  3. In the Account drop-down menu, pick the account where you got the refund.
  4. In the Add funds to this deposit section, fill out the following fields:
  • Received from: Choose the vendor who gave you a refund.
  • Account: Select Accounts Payable. Pick the A/P account to link the refund to the vendor credit.
  • Payment method: Enter ACH.
  • Amount: Enter the amount of your refund.

5. Click Save and close.

 

To keep your vendor expenses accurate, use Pay Bills to connect the bank deposit to the vendor credit. Here’s how:

 

  1. Go to the + New tab from the left menu.
  2. Choose Pay Bills.
  3. Select the bank deposit you’ve just created. You’ll see the amount of the vendor credit in the Credit Applied field. The Total payment should be $0.00.
  4. Select Save and close.

 

Concerning to your reconciliation, you can remove the filter from the reconciliation window so you can choose which period you want the transaction to post. I’d suggest consulting with your accountant to make sure your books are correct.

 

For future reference, read through this article: How do I view, print, or export a reconciliation report?. This is useful for you and your accountant if you have trouble reconciling for the following month.

 

Resolution for Issue 'We pay a vendor reoccurring monthly payments via ACH. In December we received a one time bill for next year’s deposit and paid it by check. The vendor cashed the check but withdrew the same amount via ACH and later refunded it. My concern is the ACH withdrawal was in 2019 and the refund is in 2020. My reconciliation period for that banking account closes on 12/31/19. Any ideas on how to handle these ACH banking transactions so my yearly expense/income is correct? Bill/Check Payment Matched: 12/1/19 – Vendor Bill Entered 12/19/19- Bill Payment (Check) – Matched to 12/26/19 Bank Draft Overpayment/Refund not Matched: 12/26/19 – ACH Debit from Bank Account 1/2/2020 – Bank Account Received Returned Funds via ACH' available: Yes (Solved).
Source: Intuit Community forum.

We pay a vendor reoccurring monthly payments via ACH. In December we received a one time bill for next year’s deposit and paid it by check. The vendor cashed the check but withdrew the same amount via ACH and later refunded it. My concern is the ACH withdrawal was in 2019 and the refund is in 2020. My reconciliation period for that banking account closes on 12/31/19. Any ideas on how to handle these ACH banking transactions so my yearly expense/income is correct? Bill/Check Payment Matched: 12/1/19 – Vendor Bill Entered 12/19/19- Bill Payment (Check) – Matched to 12/26/19 Bank Draft Overpayment/Refund not Matched: 12/26/19 – ACH Debit from Bank Account 1/2/2020 – Bank Account Received Returned Funds via ACH: 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 ACH Vendor WithdrawalRefund Split Between Months/Years
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