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Coffee Break |
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When you receive a credit on your account with a vendor (for returned merchandise or any other reason) you should keep track of the credit for accurate vendor balances. QuickBooks can track this information for you, but the screen it needs to be entered on may not be what you'd expect. Here are the steps for entering a vendor credit in QuickBooks:
- From the Home Page, click on Enter Bills
- At the top of the screen, click on the circle to the left of Credit
- Enter the information on the screen for the vendor credit you received (Note: You do not need to enter the amount as a negative number)
- Click Save & Close to save the vendor credit
Once the vendor credit has been entered, it will then be available to be applied to vendor bills. The credit will not be automatically applied to a bill (this is by default, though there is an optional preference to have QuickBooks automatically apply all credits). To apply the vendor credit in QuickBooks:
- From the Home Page, click on Pay Bills
- Click to put a checkmark in the box to the left of the bill that you want to apply your credit to
- Click the Set Credits button toward the middle of the screen
- You will see the credit amount, the amount to use (ie. the amount being applied to the bill - you can change this amount if needed) and the credit balance, then click done
- You will then see that the credit has been applied to that bill (Note: If you do not want to pay the remaining balance of the bill at this time, just change the Amount to Pay zero)
- Click Pay Selected Bills to record
If you need help implementing these tips or have other QuickBooks needs, please contact our Certified QuickBooks Proadvisors at 317-888-2047 today!
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Coffee Break is an e-mail newsletter from QuickBooks Caf�, a division of Shaub CPA Group. QuickBooks is a registered trademark of Intuit, Inc. Although our staff members are certified by QuickBooks (Certified QuickBooks ProAdvisors), QuickBooks Caf� is not affiliated with Intuit, Inc. Information contained in this newsletter is for general purposes and may vary depending on individual circumstances.
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