To reverse a vendorís refund check

If you havenít already read the Vendor Debits Overview, see Finding, removing and reversing vendor debits for more information.

Use this procedure only if your transactions are unchangeable. See What are changeable and unchangeable transactions? for more information.

Note: If you wish to reverse a vendorís refund check that was recorded on a bank deposit of grouped undeposited funds If you want to reverse a vendorís refund check that was recorded on a bank deposit of receipts grouped in the undeposited funds account, use the procedure To reverse a vendorís refund check that was recorded on a bank deposit for undeposited funds.

Whether a bank deposit or an individual payment included on a bank deposit can be reversed depends upon whether your data file is changeable or unchangeable. For more information, see What are changeable and unchangeable transactions?

The vendor debit you want to reverse should be displayed. If you need help doing this, see To find a vendor debit before itís settled or To find a vendor debit after youíve received a refund check for it.

  1. Choose Reverse Debit from the Edit menu. After a few moments, a new transaction, with an amount exactly opposite of the refund checkís amount, will be displayed in the Settle Returns & Debits window.
  2. If you want, you can make a few changes to the new transaction (such as the date and the memo), but you canít change the amounts that are associated with it.

If youíre reversing a refund check from a previous accounting period, consider assigning a date from that period to the new transaction. This will ensure that your reports for that accounting period reflect the proper amounts.

  1. Click Record to record the new transaction. The Settle Returns & Debits window closes. The refund check is reversed.
  2. Keep in mind that an outstanding vendor debit exists again for this vendor. To settle the vendor debit, you can either apply the amount of the vendor debit to your outstanding purchase balance with the vendor or indicate that youíve received a refund check from the vendor for the amount of the vendor debit.

To reverse a vendorís refund check