Posting a Vendor Credit To Bank Account
how do i apply a vendor credit to my bank account
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alzo4emJKr4kAbacfA8pyY
02/06/11 1:40pm PST
Viewed by asker 02/07/11 4:51am PST
Viewed by asker 02/07/11 4:51am PST
8 Replies
pvsuppliers
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Questions answered: 14017
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02/06/11 1:43pm PST
enter a new bill. change it to a credit by clicking the credit button. now you have the credit on QB. did the vendor make a deposit directly into your checking account? if so, make a deposit and enter the vendor name and the amount of the deposit.
if the vendor only issued you credit, then the money is not yet in your bank.
Why carry the stick if you're not going to stir the pot?
02/06/11 1:52pm PST
Thank you, but this only works if the vendor has issued a credit to be applied to future bills. This credit has been applied to my checking account. I need to know how to post the credit to my checking account while also removing the item from my inventory. In other words create a credit to my checking account NOT to my vendor account.
If I do it the way you suggested the credit remains in the vendor account and the deposit does NOT clear that credit.
02/06/11 7:30pm PST
in that case, reverse the initial transaction exactly as it was entered.
If this answers your question, please click on "solved."
02/07/11 4:51am PST
That doesn't work either. I can enter a deposit to my bank account, but I do not see a way to enter the item returned, which would remove it from my inventory. I have tried several methods and none that I can find will affect both the bank account and inventory.
03/21/12 9:06am PDT
Latest post
Go to enter a bill, then click on credit. Enter all of the information such as vendor, reference, amount. The click on the tab that says item and enter the items you return and the cost. Save and close.
Then go to Bank, make a deposit. On received from select your vendor's name; select "accounts payable on the "from account" section. This will clear the credit on your accounts payable and put the money back to your bank.
In my case, my vendor issued a credit for shipping costs. This I don't know how to post it because I am not returning anything. So by entering a bill as credit I adjust the total amount on inventory but it wont adjust the inventory cost per item so if you compare the amount on balance sheet versus the inventory summary report is different by this credit amount. Any ideas?
03/19/11 7:54am PDT
How about a General Journal Entry? I just did it for the same situation and it works fine for my needs.
