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Hello
Our business received a credit from a vendor. I do not have any invoices to apply this credit to. I have done a credit memo to vendor. When I run Open Balance transactions for this vendor the credit shows. How do I apply credit to the vendor with no invoices to apply credit to for this to come off the balance owed of vendor? I need this credit to reduce the balance owed to vendor.
Hope this makes sense - I am using desktop version of QB
Help please
Solved! Go to Solution.
RE: We did not receive monies back,
In that case it's much easier: Just enter the bill-credit transaction for the credit, and you'll then owe the vendor less money - since they gave a credit.
If a vendor gave you a credit and then sent you money/a refund for it, so that you don't owe the money back, then:
- Enter a bill-credit transaction (the opposite of a bill) for the amount of the credit.
- Record a deposit for the money the vendor sent you in your bank account. When recording the deposit, use the AP account as the "From Account".
- Use Pay Bills to apply the credit to the deposit, which will appear as something to pay on the pay bills window.
Hello -
Thank you for your response.
We did not receive monies back, I tried a journal entry to fix the issue with the balance owed and that did not work. I just need to remove the credit which had no monies involved whatsoever. But needs to come of the balance owed to Vendor? The vendor still has a balance with us, so the amount needs to come off the balance but not to credit towards any invoices still owed.
RE: We did not receive monies back,
In that case it's much easier: Just enter the bill-credit transaction for the credit, and you'll then owe the vendor less money - since they gave a credit.
Thank you!!
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