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Marketing Coop Credit

We receive a marketing Coop credit annually and want to make sure we are entering this properly.  I assume I create a vendor credit for the amount of the check, how do we receive payment against this credit properly? 

Best answer 04-26-2019 09:22 AM

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QuickBooks Team

Re: Marketing Coop Credit

Great to have you here, @phcraig.

 

I'd be delighted to help walk you through recording your vendor credits and recording vendor payments.

 

To start with, let's record the refund amount. Here's how:

  1. Click Banking.
  2. Choose to Make Deposits.
  3. Select the specific Deposit To bank account where the funds were initially posted.
  4. Enter the name of the vendor in the Received From column.
  5. Choose Accounts Payable as the account affected.
  6. Click Save and Close.   

Once recorded, let's apply the credit to the bill, here's how:

  1. Go to Vendors.
  2. Choose the Vendor Center.
  3. Click New Transaction drop-down.
  4. Select Pay Bills.  
  5. In the Pay Bills window, select Show all bills.
  6. Choose the specific AP account.
  7. Put a check mark on the deposit you've recorded.
  8. Click Set Credits.  
    1. In the Discount and Credits window, choose Credit tab.
    2. Put a check mark on the credit that you've created.
    3. Click Done.
  9. Hit Pay Selected Bills.aq.gif

That should do it! Drop me a post below if you have other questions about managing your transactions in QuickBooks. I'm always here to answer your inquiries.

1 Comment
QuickBooks Team

Re: Marketing Coop Credit

Great to have you here, @phcraig.

 

I'd be delighted to help walk you through recording your vendor credits and recording vendor payments.

 

To start with, let's record the refund amount. Here's how:

  1. Click Banking.
  2. Choose to Make Deposits.
  3. Select the specific Deposit To bank account where the funds were initially posted.
  4. Enter the name of the vendor in the Received From column.
  5. Choose Accounts Payable as the account affected.
  6. Click Save and Close.   

Once recorded, let's apply the credit to the bill, here's how:

  1. Go to Vendors.
  2. Choose the Vendor Center.
  3. Click New Transaction drop-down.
  4. Select Pay Bills.  
  5. In the Pay Bills window, select Show all bills.
  6. Choose the specific AP account.
  7. Put a check mark on the deposit you've recorded.
  8. Click Set Credits.  
    1. In the Discount and Credits window, choose Credit tab.
    2. Put a check mark on the credit that you've created.
    3. Click Done.
  9. Hit Pay Selected Bills.aq.gif

That should do it! Drop me a post below if you have other questions about managing your transactions in QuickBooks. I'm always here to answer your inquiries.