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LWAY1
Level 3

Vendor credit vs credit card credit

Hi,

We had 7 returns/refunds on our Amex which I entered as credit card credits.  But since I had entered the Amex statement as a bill & the credits came in after the statement, the owner paid a different amount than the bill.  So in order to get the amount paid to equal out I was told by QB to put them in as vendor credits (& to exclude the credit card credit transactions from the Amex register).  I thought all was well until I went to reconcile the credit card today.  It was off by the total of the refunds.  In order to get it to reconcile I went back & un-excluded the credit card credits.  So now the total matches on the dashboard & my reconciliation went to zero.  BUT now these transactions are in QB twice - as vendor credits & credit card credits.  Is this going to cause problems elsewhere?  I'm afraid to delete either set because they've both served a purpose.  But I'm pretty sure having both is not right.  Any advice welcome!  Thanks!

2 Comments 2
Rustler
Level 15

Vendor credit vs credit card credit

It works better to not enter a CC bill, just do the reconcile and pay your monthly payment.

delete the credits from the vendor record
reconcile the CC statement
if the credits came in after the statement date, they will remain open until the next statement - this is normal

LWAY1
Level 3

Vendor credit vs credit card credit

Yes, I learned the hard way didn't I?  I just wanted it in there as a bill so that everyone would see what/when it was due & so we wouldn't be late/miss the payment.  Back to a calendar reminder for credit card bills I guess. 

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