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cipgifts
Level 3

How to match Vendor refund to credit card on outstanding credit memo QB Online

Everything I tried from other threads resulted excessive cost of goods sold and/or a negative balance on the vendor.

 

I entered my invoice for cost-of-goods-sold (COGS).  My credit card was billed for $100 and I matched that to the invoice.  

 

I was shorted $10 in cost-of-goods-sold and the vendor credited my credit card.  

 

Option #1 I tried:

Under the vendor created "vendor credit" but there is no way to match the credit on my credit card to the vendor credit.

 

Option #2 I tried:

(+ > Vendor > Credit Card Credit) to COGS which I could match to the credit on my credit card but that left a negative balance on the vendor (but does adjust my cost of good sold account).  If I create a bill/expense to offset the credit then my COGS account is off.  

 

Option #3)  Adjusted the original invoice (reduced for the credit due) which leaves a negative balance but can not match the credit on the account to the negative balance.  

 

Option #4)  Create a bill/expense for accounts payable then apply the credit to the vendor using cost-of-goods sold - it does not show up in my cogs chart of accounts, so my vendor balances to zero but my cost-of-goods sold is still over-stated.  

 

Note: I do not use QBO for my inventory (it does not work for my needs) but I do use it for my vendor payments to show my total payments to cost-of-goods sold so it's important that account is adjusted for inventory not received/returned.  

 

So how to I

1) Record that I am due a credit on that vendor 

AND 2) Reduce my cost-of-goods sold 

AND 3) end up with a zero balance for the vendor

 

It just does not make sense to me that a vendor credit can't be matched to a credit on a credit card.  

 

 

1 Comment
Olga_Sokolovskaya
Level 3

How to match Vendor refund to credit card on outstanding credit memo QB Online

Hello @cipgifts 

 

There was a similar issue. Please, follow this article and hope it will help you. 

How to enter Vendor refund to credit card on outstanding credit memo

 

Have a nice day!

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