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How to input the credit that a vendor issued in Quickbooks? We created purchase order by inputting items cost, and later a vendor issued some credits to us because of the bad package of products and the unit cost for some products is wrong.
Hi, Eva2019
Purchase orders are not part of the double entry system so I assume you converted the PO to a Bill at the time of receiving the stocks.
QuickBooks Online users if the items are not returned by Creating a vendor credit you can not adjust the value so move to the bill and edit the amounts accordingly if within the tax periods/books are not closed ,if the items are returned then use Vendor Credit
QuickBooks Desktop users use inventory adjustment account > adjustment account - Contra account > enter other detail ,adjustment type Total Value only > then post a journal entry Debit - A/P ,Credit - Contra account, select the relevant Vendor under the Name column.
Comment back for further clarifications.
Hi, Eva2019
Purchase orders are not part of the double entry system so I assume you converted the PO to a Bill at the time of receiving the stocks.
QuickBooks Online users if the items are not returned by creating a Vendor credit you can not adjust the value so move to the bill and edit the amounts accordingly if within the tax periods/books are not closed ,if the items are returned then use Vendor Credit
QuickBooks Desktop users use inventory adjustment account > adjustment account - Contra account > enter the other details , adjustment type - Total Value only > then post a journal entry Debit - A/P ,Credit - Contra account, select the relevant Vendor under the Name column.
Comment back for further clarifications.
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