How do I record a refund check from a vendor?

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If you have accidentally overpaid a vendor, then you will likely receive a credit memo from the vendor which you can then enter a negative a/p invoice coding it to the same job/phase/expense account that the original invoice was coded.  You can then select this credit invoice along with any of their other invoices the next time that you pay the vendor.  If the vendor refunds you the overpayment instead, then record the deposit of this check through the payables module rather than the receivables module.  This way, the refund will be tied directly to the vendor and it can be viewed on the vendor activity report.

 

Record a Refund Check From a Vendor

1.Enter the amount of the overpayment to the vendor as a negative invoice in accounts payable using the same job/phase expense account as the original invoice that made up the overpayment.

 

2.Go to Payables > Handwritten A/P Check.

 

3.Enter the check number and deposit date and select the checking account that the money was deposited.  Enter the net amount of the check at the top of the screen as a negative amount.

 

4.Since the invoice is now in the a/p system, the 'Payables Link' option in the middle of the screen will be checked.  Select the proper invoice from the Inv Ref No list.  Press Tab or Enter to update the bottom portion of the screen with the invoice information.  The amount in the bottom of the screen should automatically show you the negative amount of the invoice as you entered it in Step 1.

 

5.If you have selected the correct invoice, click Save and Post.  The invoice will be removed from the aging schedule and the check will show up in the Ledger > Check Register as a deposit.

 

6.The Bank Reconciliation program will show this item as a negative check instead of a deposit.  Clear this check as long as you see the item on your bank statement as a deposit.  Because this item is not a deposit in AccuBuild, both your Bank Debits and your Bank Credits fields on the bank rec screen will not match the debits / credits on the actual bank statement.  However, you should still be able to reconcile to a difference of zero.