refund from vendor, now have credit on act that needs to be zeroed out
I recieved a refund check for a overpayment from one of my vendors so the vendor has a credit on the account that needs to be cancelled out, how do I do so?
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mmanju
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Questions answered: 1731
Points earned: 6972
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Advisory council of community power users.
02/09/12 8:51pm PST
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| For issuing credit, Go to enter Bills & Select Credit from the top in place of Bills and choose the Original Expense Account ( or Other Income account if Accounting years are different for Bills & credit)and issue credit |
| You will issue credit for Other Income Account and not the original Expense Account in case the credit & charge pertain to separate Accounting Years. |
| For issuing credit in the same Accounting year as the original expense, Go to enter Bills & Select Credit from the top in place of Bills and choose the Same Expense account which was originally charged and issue credit |
| Fot setting off this credit against payment already received |
| GO to Vendors> pay Bills |
| Take the cursor to the vendor & Bill ( or the payment received entry) |
| Set Credit and Tick. |
| This will Apply credits to the vendor Bills |
| If this post answers your question, please give a “thumbs up” or mark this “Solved” else feel to free to ask more questions |
Manju
