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Best answer October 10, 2020
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You're already on the right track, @foulds-internode.
You'll have to create a bank deposit right after creating your vendor credit. This way, the credit will automatically be linked to the deposit. Then, you're able to show the amount when reconciling your account by the end of the month. Here's how:
- Go to the + New button.
- Select Bank deposit.
- Go to the Add other funds to this deposit section, then enter the credit amount and all other necessary details.
- Click Save and close or Save and new.
I've attached a screenshot below that shows the last two steps.
Kindly refer to the screenshot below for the outcome.
You can enter your credit depending on how you record your purchases in QBO. To learn more about this, you can check out this article: Enter a credit from a vendor.
By the end of the month, you can go ahead and reconcile your account. This is to keep track of your business real-life transactions and detect any possible errors accordingly. For the step-by-step guide, kindly refer to this article: Reconcile an account in QuickBooks Online. It also includes instructions about editing completed reconciliations.
Additionally, I'd recommend pulling up a vendor report. This is to effectively monitor your purchases and all your expense transactions. Just go to the What you owe and Expenses and vendors sections in the Reports menu.
Please let me know if you have other concerns. I'm just around to help. Take care always.
Thanks for getting back this thread, @foulds-internode.
Let me help you show if the overpayment that you've made creates a credit for this transaction. All you need to do is to follow these steps:
- Go to Expense and select Vendors.
- Look for the vendor name and check the OPEN BALANCE column.
- Check if the overpayment reflects in this area.
If the negative balance shows in this column, then this will automatically apply to your next bill payment. You can check out the screenshot below as your reference.
If the vendor credit didn't reflect in OPEN BALANCE, then you can create a vendor credit to record the overpayment. Let me show you how:
- Click the + New icon and select Vendor credit.
- Choose the vendor in the Vendor drop-down list.
- Select the expense account from the CATEGORY drop-down menu and enter the overpayment amount.
- Once done, click Save and close.
Additionally, you can run the Transaction List by Vendor report in QuickBooks. This will show you the list of expense transactions grouped by vendor. Just go to Reports and look for the Transaction List by Vendor report.
I'm always here to help if you have any other concerns or questions. Just tag my name in the comment section and I'll get back to you as soon as I can. Have a great weekend.
You're already on the right track, @foulds-internode.
You'll have to create a bank deposit right after creating your vendor credit. This way, the credit will automatically be linked to the deposit. Then, you're able to show the amount when reconciling your account by the end of the month. Here's how:
- Go to the + New button.
- Select Bank deposit.
- Go to the Add other funds to this deposit section, then enter the credit amount and all other necessary details.
- Click Save and close or Save and new.
I've attached a screenshot below that shows the last two steps.
Kindly refer to the screenshot below for the outcome.
You can enter your credit depending on how you record your purchases in QBO. To learn more about this, you can check out this article: Enter a credit from a vendor.
By the end of the month, you can go ahead and reconcile your account. This is to keep track of your business real-life transactions and detect any possible errors accordingly. For the step-by-step guide, kindly refer to this article: Reconcile an account in QuickBooks Online. It also includes instructions about editing completed reconciliations.
Additionally, I'd recommend pulling up a vendor report. This is to effectively monitor your purchases and all your expense transactions. Just go to the What you owe and Expenses and vendors sections in the Reports menu.
Please let me know if you have other concerns. I'm just around to help. Take care always.
