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Anonymous
Not applicable

COGS Materials returns and accurate reporting

We are a small building contractor. When job materials are purchased using check or debit card they reflect the vendor (Lowes) and are applied to the customer. Often material is returned for various reasons (i.e. unused or wrong item). When returned the amount is deposited into checking. We'd  like for this deposit to reflect the vendor, amount deposited and the customer/job for our reporting needs. How can we make this happen? 

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Best answer 01-04-2019

Best Answers
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Level 15

COGS Materials returns and accurate reporting

Vendor menu > Enter Bill. At the top, change it to Credit/Return. Put the same details here in the items tab, job track, billable or not, etc.

 

The Checking account Refund is a Deposit with the vendor name entered and as "AP" for the From Account.

 

Now go to the Pay Bills screen. The Refund deposit shows as a row, as if that is a Bill. Apply the Available credit to this, to clear the AP credit to 0.

View solution in original post

4 Comments
Highlighted
Level 15

COGS Materials returns and accurate reporting

Vendor menu > Enter Bill. At the top, change it to Credit/Return. Put the same details here in the items tab, job track, billable or not, etc.

 

The Checking account Refund is a Deposit with the vendor name entered and as "AP" for the From Account.

 

Now go to the Pay Bills screen. The Refund deposit shows as a row, as if that is a Bill. Apply the Available credit to this, to clear the AP credit to 0.

View solution in original post

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Anonymous
Not applicable

COGS Materials returns and accurate reporting

Thank you!  Worked perfectly!

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Level 2

COGS Materials returns and accurate reporting

When I enter this, it does not show up when I go to Pay Bills. What am I doing wrong?

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Anonymous
Not applicable

COGS Materials returns and accurate reporting

It's nice to see you again in the Community, @HeiCon. Allow me to step in the discussion and help apply your vendor credit when paying your bill.

 

When paying your bill, you'll need to click the Set Credits tab so you can apply the available credits to your vendor. 

 

Here's how:

 

  1. Open the bill you need to pay.
  2. Click the Pay Bills button to open the Select Bills To Be Paid screen.
  3. Check the bill you have to pay then click the Set Credits tab at the bottom.
  4. On the Discount and Credits window, select the available credits you want to apply.
  5. Click Done and Pay Selected Bills.

 

sample credit1.PNG sample credit2.PNG

 

That should do it. If you still have a remaining balance for your vendor credit, you can still apply it on your next bill.

 

I'm including this helpful article just in case you need it for future reference: Record a vendor refund in QuickBooks Desktop.

 

Keep me posted if you have other questions about vendor credit in QuickBooks. I'm always here to help.

 

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