Reckon Accounts Desktop: Handling supplier refunds

Legacy KB ID: 2045

Question

How do I handle a refund from a supplier in Reckon Accounts Desktop?

Answer

When a supplier refunds you for an item you’ve returned, you need to reduce the amount of the expense you originally incurred and update your inventory account if an inventory item was involved.

In addition, you need to record the refund you received, typically through a deposit to your bank account.

Solution

To enter a credit from a supplier:

1. From the Suppliers menu, choose Enter Bills.
2. Select Credit, and then enter the Vendor and the Credit Amount.
   Also make sure you either click the Expenses tab, select an expense account and then enter an amount, or click the Items tab to select an item, and then enter the correct quantity and amount.
3. Use the same account or item from the bill you originally entered for this vendor.
4. Click Save & Close.

To deposit the refund:

1. From the Banking menu, choose Make Deposits.
2. Enter the name of the vendor in the Received From column.
3. Enter Accounts Payable in the From Account column.
4. Enter the refund in the Amount column.
   1. (Optional) Enter the check number and payment method.
5. Click Save & Close.

To clear the credit from your Accounts Payable account:

1. From the Suppliers menu, choose Pay Bills.
2. Select both the credit and the deposit created for this vendor (these appear as positive and negative entries).
3. Click Pay & Close.

Need more help? Reach out to us on the Reckon Community: https://community.reckon.com/