How to accept a refund from a Vendor [FAQ]
If a refund only and do not need to give back to client:
- create a Journal Entry to debit cash and credit COGS/Expense account.
If a refund and you need to give back to client:
- create a Journal Entry to debit cash and credit COGS/Expense account.
- enter a Misc Cost on the related project with negative net/gross to bill back to the client.
If vendor is a 1099 vendor and do not need to give back to client:
- Add a New Payment for the Vendor
- Enter Check Number: ex. "Refund + xx"
- In Check Amount field enter the negative refund amount ( Refund is $100>>enter -100 )
- SAVE
- Add Expense> select appropriate Item for the refund amount
- Save and POST
If vendor is a 1099 vendor and you need to give back to client:
- Add a New Payment for the Vendor
- Enter Check Number: ex. "Refund + xx"
- In Check Amount field enter the negative refund amount ( Refund is $100>>enter -100 )
- SAVE
- Add Expense> select appropriate Item for the refund amount
- Save and POST
- enter a Misc Cost on the related project with negative net/gross to bill back to the client.