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Accounts Payable Wiki

Bills and paying bills are a necessary part of owning a business. How do you keep track of what and who you owe? Can you pass these bills on to your customers and how does that happen? This wiki addresses those types of questions.

Returning product to a vendor for credit or replacement

1. Create a duplicate Purchase order template and rename it "Vendor Product Return"

Edit the template. (Click here for specific instructions on editing a form template)
Change the title to something like "Vendor Product Return"
Relabel the PO number field to "Return Authorization Number"
Relabel the Terms field to "Return for:" (Later you will create credit terms of Credit, Refund, Replacement )
Change appearance as desired.

2. Return the product

Start by opening a PO form. In the upper right corner, change the template to "Vendor Product Return".
Complete the form, print and enclose as packing list; send another copy as a debit memo to the vendor.
Note that this does not affect inventory. (You still own it, anyway.)

3. Receiving credit/replacement

If the vendor issues a credit, record the credit memo (Use 'Enter Bill' and click the box to change it to a credit.) and list the items. This will clear them from your inventory. CLOSE the Vendor Product Return PO without receiving any items.
If the vendor sends you a replacement, receive the VPR PO as any other PO, creating a bill. Create a vendor credit memo for the returned items.
This will balance the inventory, and the CM can be applied to offset the bill.
If the vendor sends a refund, create a vendor credit memo for the items in the amount of the refund.
This will remove the items from inventory.
DO NOT enter the check as a payment. Wait until you are ready to deposit it to your bank.
When creating a bank deposit, after including any other checks being deposited, include the refund check on an additional line.
In "Received From", select the vendor name, for "From Account" choose "Accounts Payable", include reference info in the "Memo" field and enter the check information.
Complete the deposit.
Then go to "Pay Bills".
The check should appear as an amount payable.
When you select it, the credit memo should be available to 'pay' it.
This will clear them both.

A big thanks to Techineer for this well written solution!

Can you copy employee info to vendor info for 1099 tracking?

Thanks to QBConsultant! This was marked as a best answer by the community!

You can't really copy the info--how many are there? It may be faster to just reenter the info. You should edit the 'employee' name and change it to 'John - old' or something different because you cannot have the exact same name on the employee and vendor list. Then you could set them up on the vendor list.

Or, if there are a lot of them, you can try to export the employee list, edit and change the names, then import to the vendor list. You go to File, Ultities, Export/Import to do this, but it may be faster to just re-enter.

Either way, you need to edit the employee name to something different and you should also make it inactive.

How do you setup a Reaccuring monthly bill to record automatically?

Thanks to RC-Manager! This was marked as a best answer by the community!

You can use a memorized transaction.

NOTE: If the content of certain fields will change each time you recall the transaction, leave those fields blank. For example, you might want to leave the Amount field blank on your monthly utility bill. That way, you can fill in the amount each time you recall the bill.

Enter the transaction as you'd like it memorized.
Go to the Edit menu and click Memorize (or use keyboard shortcut CTRL + M).
In the Memorize Transaction window, enter a name that will help you recognize the transaction on the Memorized Transaction list.
Choose whether you want to be reminded to enter the transaction, have QuickBooks enter the transaction for you, or neither.
Click OK to memorize the transaction.

If you are only entering the transaction information for future use, close the transaction window by clicking the Clear button and then clicking the close box at the top of the window.

Last update: Jul 24 2009, 11:26 AM EDT by Host_Bryan (content history | content tools) (help)

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