Question

Credit on Bill

Forum|Forum|4 years ago
June 22, 2022
3 replies
30 views

Hi,

I am searching a way on how to do the correct way on how I can do a bill credit. My business is ecommerce and I do have inventories. When I purchase from my vendor sometimes the items have been returned or sometimes we never got the items. This happened almost everyday but I am still don't know how to properly mark the credit. We used a third property on paying our Purchase Order meaning where using credits on paying our vendor. On my bank statements it shows a direct deposit credit from the third party (credit company) not from my vendor. I am confused on how to mark it on my quickbooks desktop because I also want to properly mark the inventory back as well as the direct deposit from the credit company. Can someone help me on how to do it? Thank you.

QuickBooks Desktop

A

Anonymous

Thank you for posting here in the Community, @Navid1.

Let me walk you through the process of entering vendor credit in QuickBooks Desktop (QBDT).

Beforehand, you’ll have to record a deposit of the vendor check. To do so, here’s how:

Go to the Banking menu and select Make Deposits.
Select OK if the Payments to Deposit window appears.
In the Make Deposit window, select the Received from the drop-down. Then, choose the vendor who sent you the refund.
Select the appropriate Accounts Payable account from the From Account dropdown.
Enter the actual amount of the vendor check in the Amount column and enter the remaining information in the Deposit.
Select Save & Close.

Once done, you can record a Bill Credit for the returned items. Then, Link the deposit to it by following the steps outlined in the Scenario 2: The vendor sends you a refund check for returned inventory items in this article: Record a vendor refund in QuickBooks Desktop

In case you need help with what report to utilize for your vendors, customers, and other financial data, you can check out this article to help you familiarize how to use the Reports feature effectively: Understand reports

Feel free to get back if you have further concerns with your vendor transactions. I’m just one post away from assisting you. Stay safe!

N

Navid1Author

Hi RoseJillB,

Thank you for your help. Yes, I am doing that process but it just zero out the A/P but the charges from the credit company going to our bank account is not recorded. It only record the deposit going to our bank but how I can record the charges of that deposit from credit to bank account? Should I need to create credit card charges but how I'm going to show that credit card is paid without double posting on our bank account? Please help. Thank you.

C

Candice14

Level 8

Hey again, @Navid1.

I appreciate you coming back and giving us more information.

In your situation, I suggest reviewing this article about credit card accounts: Set up, use, and pay credit card accounts.

If this guide doesn't provide you with an answer, consulting with your accountant will be the best next route. They'll be able to give you advice to help your business.

I hope these details get you in the right direction to get this resolved. I'm only a post away if you need me again. Take care!

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