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CMUser
Level 1

How to Purchase item from Customer and give customer Credit Towards Invoice for Fixed Asset? (Quickbooks Premier Manufacturing and Wholesale Edition Desktop)

I'm hoping someone can assist me in clearing this issue up.

 

So we have a customer (I'll call him Jay) and he sold us a used labeling machine at $6,000. We gave Jay a credit of $6,000 for the label machine to apply towards an invoice of his. So I believe I did okay on the customer credit and applying it towards the invoice, but the fixed asset is what I'm having trouble with.

 

We have a lot of other equipment / fixed assets since we are a manufacturer. So I entered the labeling machine like I normally do with any other equipment / fixed asset. In the chart of accounts, I entered it as equipment, fixed asset, and the name of the label machine. So after this is where I'm stuck. I would of normally entered a big purchase as a Bill with the vendor name, the amount paid, and under expenses, I'd put down the equipment account #, and then I would have to go to pay bills and pay the vendor. In this case, since I didn't have a bill, I have it under Make General Journal Entries, the first row shows Accounts payable under the credit is the $6,000, and under Name I had created a VENDOR account for Jay.  On the second line, I have the name of the Account # for the Label Machine, under Debit is the $6,000, and under the name is the CUSTOMER name for Jay. I really feel like I didn't do this correctly because it appears in Pay Bills. Any help would be greatly appreciated. I tried to be as specific as I could. 

Solved
Best answer August 13, 2020

Best Answers
john-pero
Community Champion

How to Purchase item from Customer and give customer Credit Towards Invoice for Fixed Asset? (Quickbooks Premier Manufacturing and Wholesale Edition Desktop)

Scrap half of what you did. Go back to the credit memo to the customer. In the cm the item of credit should be a new item that posts to your new asset. That should take care of it all.

View solution in original post

2 Comments
john-pero
Community Champion

How to Purchase item from Customer and give customer Credit Towards Invoice for Fixed Asset? (Quickbooks Premier Manufacturing and Wholesale Edition Desktop)

Scrap half of what you did. Go back to the credit memo to the customer. In the cm the item of credit should be a new item that posts to your new asset. That should take care of it all.

View solution in original post

CMUser
Level 1

How to Purchase item from Customer and give customer Credit Towards Invoice for Fixed Asset? (Quickbooks Premier Manufacturing and Wholesale Edition Desktop)

That did it! You have no idea how difficult it was for me trying to figure this out. Thank you!

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