I want to provide the best way to record your transactions, @agagne. I will just need more details.

With your statement, "What if no replacement check is to be issued?"do you mean that you're not paying the vendor, or there is no liable bill? Are you planning to enter it as a bill credit?

There are several ways to enter a refund for vendors. Instead of sending a check back to the vendor, you can enter it as a vendor credit to be used for future transactions or apply the credit to a current bill to make a payment. For now, you can check the link below to learn more and get the detailed instruction.

Record a vendor refund in QuickBooks Desktop

If you're referring to something else, please let me know by clicking the "Reply" button. I'm here to ensure your success.