Monday, August 29, 2011

QuickBooks: How to record a vendor refund

A new client in the construction industry asked how to enter a vendor refund in QuickBooks to offset the credit that they have on their books.

The Situation:
The construction industry has to use the payables system to track the multitudes of invoices and credit issued by suppliers. They then compare the supplier statement with the balance in the payables each month to confirm accuracy.

In this case, the construction client was paid in full to a supplier. They then returned product which resulted in a credit memo being issued by the supplier. They recorded the credit. They also stopped purchasing product from the vendor, and requested a refund for the return. The vendor issued a check.

The following entry will clear the vendor credit and record the deposit
- From the banking menu, choose record deposit.
- Enter the vendor refund check using the vendor name in the transaction and Accounts Payable in the “from account box”
- Then go to vendors - pay bills - click on the "bill" that was created by the vendor deposit
- Apply the vendor credit memo to the "bill" created by the transaction above.

This will result in a zero transaction (the deposit will clear the vendor credit).

1 comment:

邓洁 said...


Manufacturing knobs have baked-on, anodised besides other development wraps up which includes sharp omega replica sale films cover the two face and even guns to help you hamper that ageing operation. Refinished knobs are frequently hand crafted, contain tattoo rubber stamped piece of software so are carried out to somewhat of a lesser level of quality and even robustness. They'll bench mark quickly and even chanel replica sale commonly you should not feature the amount of feature belonging to the originals. Moreover, a number of classic knobs enjoy the guns soldered with the face, in contrast on a large number of refinished knobs May possibly looked at, that guns have been completely glued once again and not soldered (in the visible good reason the fact that the soldering operation could very well problems that paint spots for the re-dial) At activities that glue is really so coarse in the once again belonging to the face going without shoes disrupts that performing belonging to the sit back and watch, extremely through tag heuer replica sale meeting units. A terrible re-dial through inaccurate explaining provide the quality from your sit back and watch decreasing swifter than only a souffle turned to an important wine refrigerator! You'll find it acceptable to imply that there is a good many more slap-dash, inexperienced and even low quality refinishing contains rather than you can get prime quality re-dialers. As a result, if you happen to odds for you, start treating your ex boyfriend enjoy vips. At present, with the exception noted preceding.