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We had a vendor that accidently deposited a check twice which left us with a credit balance. They are now out of business so I want to remove the credit to zero out. What is the best way to do this?
Solved! Go to Solution.
I know a way to zero out the vendor credit balance, Pam.
In QuickBooks Desktop, you can create a journal entry to write off the credit balance for that specific vendor. I'll show you how.
Now, let's apply the journal entry to the existing vendor credit.
Here's how:
For more details, you can review this article for more insights: Write off customer and vendor balances.
In addition, I've included this resource if you need to remove a bill payment check for a bill that has been recorded as paid for future reference: Void or delete a bill or bill payment check.
You're more than welcome to post again if you need additional assistance with the credit balance. I'll be around to help you out.
I know a way to zero out the vendor credit balance, Pam.
In QuickBooks Desktop, you can create a journal entry to write off the credit balance for that specific vendor. I'll show you how.
Now, let's apply the journal entry to the existing vendor credit.
Here's how:
For more details, you can review this article for more insights: Write off customer and vendor balances.
In addition, I've included this resource if you need to remove a bill payment check for a bill that has been recorded as paid for future reference: Void or delete a bill or bill payment check.
You're more than welcome to post again if you need additional assistance with the credit balance. I'll be around to help you out.
I did what you said, but I had to do a credit to my AP account and debit the other account. Doing it the way you said doubled the credit.
But thank you for your help! I have solved this.
I've updated my answer and thanks for letting me know, Pam.
You're doing an excellent job, and I'm glad you've cleared your vendor's credit balance. If you have confusion with the debit and credit account in the future, I recommend getting in touch with your accountant. They're the best person to refer to ensure the accuracy of your books.
Don't hesitate to post again if you need further assistance in QuickBooks. We're always available to help you.
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