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Join nowI am writing a new application for a customer that replaces a very old accounting system written in COBOL. (nothing wrong with COBOL). The previous programmer collected a series of bills from a subcontractor and at the end of the week tallied up the bills and wrote the subcontractor a check for the total amount of the bills collected for the week. Here's the twist-- the company offers a savings plan to the subcontractors where a fixed amount could be taken from their checks every week. The programmer simply took the deduction against the subtotal and was done. QuickBooks wants deductions (credits) to be applied to a specific bill and not against the subtotal. That won't work for us at this point. I need the deduction to come off the subtotal (think payroll deductions because the previous programmer did it the same way). I realize this may not be best accounting practices but how exactly should I accomplish the same thing with QuickBooks desktop? I'd have to be able to accrue the deductions over time and keep track of them. Any suggestions?
Thanks in advance!
--Tom
I can share with you the way on how to apply vendor credits to a bill in QuickBooks Desktop, @TomMck.
Here are few steps to perform in applying credits to a bill:
For more details, feel free to view this link: Record a vendor refund in QuickBooks Desktop.
You may also read through these articles for more insights about handling vendor transactions in QuickBooks:
Be sure to let me know if you have any other vendor transaction questions. I got you covered with any QuickBooks concern. Thanks for coming to the Community, wishing you continued success.
Hi, @TomMck.
Hope you’re doing great. I wanted to see how everything is going about the vendor credit concern you had the other day. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.
Looking forward to your reply. Have a pleasant day ahead!
Hello Rubielyn_J, thank you for your response. I understand how to do a vendor credit which is essentially how we will handle a back charge. But since a vendor credit is applied to a bill, we can't use that (or so it seems) to withhold funds which are kept in a savings account for the vendor. In the old program, the programmer summed up the bills and in the subtotal took the deduction for the savings plan (think paying income tax). We could not apply that amount to a bill since that would affect the actual bill. We need to somehow take an amount out of the subtotal and apply to some other liability account in this case a savings account for the vendor. As an aside, the vendors are small companies that operate on a 1099 basis with us.
Any ideas on how to do this?
Prepare the Vendor Credits data with the following template
Vendor | Transaction Date | RefNumber | Memo | Address Line1 | Address Line2 | Address Line3 | Address Line4 | Address City | Address State | Address PostalCode | Address Country | Vendor Acct No | Expenses Account | Expenses Amount | Expenses Memo | Expenses Class | Expenses Customer | Expenses Billable | Items Item | Items Qty | Items Description | Items Cost | Items Class | Items Customer | Items Billable | AP Account | Currency | Exchange Rate |
Bell Telephone | 01/09/2020 | 891 | Office Telephone | Bell Telephone | 1 Main Street | Newton | NY | 12345 | USA | Delivery Charge | 15 | Refund Delivery Charge | ||||||||||||||||
Bell Telephone | 01/09/2020 | 891 | Office Telephone | Bell Telephone | 1 Main Street | Newton | NY | 12345 | USA | Overhead | 1 | Overhead Costs | 100 | |||||||||||||||
Ajax Lumber | 02/09/2020 | 892 | Ajax Lumber | 200 Smith Street | Anytown | NY | 11111 | USA | Late Fee | 10 | Refund Late Fee | |||||||||||||||||
John's Landscaping | 01/09/2020 | 893 | John's Landscaping | 1 North Street | Anytown | NY | 11111 | USA | Landscaping | 1 | Plantings | 25 | ||||||||||||||||
John's Landscaping | 01/09/2020 | 893 | John's Landscaping | 1 North Street | Anytown | NY | 11111 | USA | Landscaping | 1 | Plantings | 25 | ||||||||||||||||
John's Landscaping | 01/09/2020 | 893 | John's Landscaping | 1 North Street | Anytown | NY | 11111 | USA | Landscaping | 1 | Plantings | 25 |
then utilize one of these importer tools
https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2
https://transactionpro.grsm.io/qbd
Fiat Lux:
I created and xlsx file from the template and used Transaction Pro to import the spreadsheet into my company file. I'm not sure what I am looking at but I was hoping to reduce the check amount to be paid to the vendor because of the refund. But, no such thing happened.
I need to be able to enter a bill from a vendor for a negative amount. I know that cannot be done in QuickBooks but functionally that is what I want. I'm not after applying a credit or refund to a specific bill. I want to apply it to a group of bills. I guess what it comes down to is sending an invoice to the vendor and paying for it with an amount taken from the check written to pay a group of bills to that vendor.
I have a screenshot from the previous accounting system where a group of bills were summed up as 'Gross' and a deduction 'MISC' was deducted from the gross amount. Note that the deduction was from the total amount and not from a specific line item. Any one have any ideas or is this just totally out of the realm of possible for QuickBooks? I hope that it isn't.....
Thanks!
--Tom
I'm not having any luck with a solution for my problem. I've tried everything suggested and nothing solves my problem. Could you please take a look at this again?
Thanks!
--tom
I appreciate your time getting back here, Tom.
As I’ve read your concern, it seems like your situation is similar to a vendor prepayment process. A prepayment is like an advance payment for goods or services before their receipt or invoiced due date.
You can read this article to see the different options: Record vendor prepayments or deposits for prepaid parts or services. However, I still recommend consulting with your accountant to ensure your books are accurate.
I'd like to know if you have additional questions about the process. I'm here to help you out again. Take care and stay safe!
Thank you for your reply. I'll have to study that workflow and let you know.
Thanks!
--Tom
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