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G-force 1
Level 1

Vendor Billing and Credits

I have vendor that manages some properties for me and in January his invoice Included charges and credits due to an overcharge in December. I am brand new to QB and just trying to figure this all out. I created a bill  and posted the charges, clicked over to credit for the Refunds. The ending balance of that transaction had a credit to me. So to keep his books straight, he issued me a check for the remaining balance. How do I deposit and link it to the current credit balance to me?

Solved
Best answer May 27, 2021

Best Answers
MaryLandT
QuickBooks Team

Vendor Billing and Credits

I can provide the steps on how to make the deposit and link to the credit balance of your vendor, G-force 1.

 

You need to make a deposit and categorize it under the Accounts Payable account. This way, you'll be able to link the deposit to the vendor's credit.

 

Let me show you how:
 

  1. From the Banking menu, select Make Deposit.
  2. Select the name of the vendor, choose Accounts Payable, enter a memo, and enter the amount, as shown below.
  3. Click Save & Close.
     

After that, link the deposit to the credit to zero out the remaining balance. Here's how to do so:

  1. Hit on Vendors at the top menu bar.
  2. Click on Pay Bills.
  3. Select the deposit that matches the vendor check amount.
  4. Press on Set Credits and apply the Bill Credit you created earlier then press Done.
  5. Tick Pay Selected Bills.
  6. Tap on Done.
     

In addition to the steps above,  I'm adding this link for a guide: Recording refunds you received from a vendor.

 

You can also browse these articles for future reference in managing the receivables and parables of your business: 

I'll be around to help if there's anything else you need. Just leave a reply below, and we'll take it from there. Have a lovely day!

View solution in original post

1 Comment 1
MaryLandT
QuickBooks Team

Vendor Billing and Credits

I can provide the steps on how to make the deposit and link to the credit balance of your vendor, G-force 1.

 

You need to make a deposit and categorize it under the Accounts Payable account. This way, you'll be able to link the deposit to the vendor's credit.

 

Let me show you how:
 

  1. From the Banking menu, select Make Deposit.
  2. Select the name of the vendor, choose Accounts Payable, enter a memo, and enter the amount, as shown below.
  3. Click Save & Close.
     

After that, link the deposit to the credit to zero out the remaining balance. Here's how to do so:

  1. Hit on Vendors at the top menu bar.
  2. Click on Pay Bills.
  3. Select the deposit that matches the vendor check amount.
  4. Press on Set Credits and apply the Bill Credit you created earlier then press Done.
  5. Tick Pay Selected Bills.
  6. Tap on Done.
     

In addition to the steps above,  I'm adding this link for a guide: Recording refunds you received from a vendor.

 

You can also browse these articles for future reference in managing the receivables and parables of your business: 

I'll be around to help if there's anything else you need. Just leave a reply below, and we'll take it from there. Have a lovely day!

View solution in original post

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