How do I add a vendor refund?

A vendor refund is money that is returned from a vendor for an overpayment or from a return of goods. Previously, you could only tie vendor refunds back to the property or company the money came from. Now, you are able to tie a refund to a vendor directly to the vendor's profile.

To record a vendor refund:

1. Navigate to Maintenance > Vendors.
2. Click the name of the vendor you'd like to record the refund from.
3. From the vendor summary page, click the financials tab.
4. On the financials tab, select Record refund.
5. Select the bank account you’d like to return the money to, then add the details of the refund. Choose the same expense account that was used in the original payment to the vendor. For example, if you receive a refund from the electric company, you'll probably use Utility Expense as the account.
6. Make sure to fill out all the required fields and click Save refund.
7. You will see the vendor's refund recorded on their ledger.

This transaction will show as a negative expense on your income statement and other reports that show expense details.

This transaction will decrease the amount reported on your vendor’s 1099-MISC tax filing.