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Vendor credit in quickbooks desktop
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You might also get a rebate for an item you bought. Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately.

We can help if this happens. The ink on some of the pens had gotten smudged, so your company email address printed on them was illegible. But other situations are more complicated. A screen like the partial one pictured above would appear. Under Account details , click in the field under Account , and open the drop-down list by clicking the down arrow on the right. Select the account you used when you created the original expense. Enter a Description and the Amount of the credit.

Otherwise, click Save and close or Save and new. The row where you entered Account , Description , and Amount contains several additional fields that you may need to complete in some cases. You can Add that credit to the current transaction or Open it if you want to see the original screen. Not everyone uses Vendor Credits. Some businesses find workarounds.

You must be logged in to post a comment. Talk with an Expert. Need Help? With accounts payable, your vendors send you invoices to pay for services or products you purchased from them. In QuickBooks, this transaction is known as a bill. If you return product or ask for a credit for services, the transaction in QuickBooks is called a vendor credit.

This is not to be confused with the accounts receivable transaction, credit memo. Here, select the credit bubble. This changes the transaction from a Vendor Bill to a Vendor Credit. Then pick your vendor, and enter the amount.

You may enter why they are giving you a credit in the memo section for future reference. The result of a vendor credit is going to be a debit to accounts payable and a credit to the general ledger account or item account you choose on the bottom half of the vendor credit.

 
 

 

Vendor credit in quickbooks desktop. Accounts Payable Basics: Create a Vendor Credit in QuickBooks

 

Maybe you send them purchase orders and they send you invoices. Or they send you bills and you pay them. Or you walk into a store and buy something your business needs. Sometimes, though, vendors owe you money. You might also get a rebate for an item you bought.

Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately. We can help if this happens. The ink on some of the pens had gotten smudged, so your company email address printed on them was illegible.

But other situations are more complicated. A screen like the partial one pictured above would appear. Under Account details , click in the field under Account , and open the drop-down list by clicking the down arrow on the right. Select the account you used when you created the original expense. Enter a Description and the Amount of the credit. Otherwise, click Save and close or Save and new. The row where you entered Account , Description , and Amount contains several additional fields that you may need to complete in some cases.

You can Add that credit to the current transaction or Open it if you want to see the original screen. Not everyone uses Vendor Credits. Then pick your vendor, and enter the amount.

You may enter why they are giving you a credit in the memo section for future reference. The result of a vendor credit is going to be a debit to accounts payable and a credit to the general ledger account or item account you choose on the bottom half of the vendor credit. You need to check the box next to a vendor that you have created a credit for.

Then select credits and apply the credit to your bill. If a vendor rewards you with a credit for damage or dissatisfaction, you can apply the credit to an open bill so that it lessens your accounts payable balance to that vendor.

When I click the box it gives me partial credits. Your email address will not be published. Blog Home » Blog ».