Vendor Credit via Credit Card for Price Adj on Inventory Material

Hey there, Judith.

It's awesome to have you here. I'd like to help you log your vendor credit in your QuickBooks account.

To enter Credit Card Charge Refund/Credit, just go to Banking then Enter Credit Card Charges. Select the Refund/Credit radio button and enter the receipt that you have for the refund. This transaction should be a mirror-image of the original purchase, meaning that you select the same expense / asset accounts and have the same tax codes and amounts. In your case, if you wish to not update the inventory, you don't need to add the products and services.

You may take a look at this article to adjust your inventory value: Adjust your inventory quantity or value in QuickBooks Desktop

Let me know if you need further help. I'll be more than happy to help you record your transactions in QuickBooks.

Hi Jen-D,

This was not helpful.

I'm QBDT. 

I know how to enter a vendor credit via credit card in QBDT. 

I need to know how to adjust the the inventory value. 

Thank you.

Hi there, judith4.

I appreciate you for coming back to the thread and adding some clarification about your concern. I'll be sharing steps to ensure you can adjust your inventory in QuickBooks Desktop.

To start with, you'll have to decide what kind of adjustment you need. I recommend consulting an accountant for additional assistance to ensure your records are in shipshape. They can offer advice on how to handle the adjustment and the correct process to make.

Then, set up your inventory adjustment account in QBDT. You'll need to create a separate account in your chart of accounts to track your adjustments.

Here's how:

1. Select the Company menu at the top and choose Chart of Accounts.
2. Choose the Account dropdown arrow and click New.
3. From the Other Account Types dropdown, select Cost of Goods Sold.
4. Name this account “Inventory Adjustments” and click Save and Close.

After that, you can now adjust a product’s quantity or value. Please follow the steps below.

1. Select the Vendors menu at the top and choose Inventory Activities. Then, Adjust Quantity/Value on Hand.
2. Choose Inventory and select Adjust Quantity/Value on Hand
3. Select the Adjustment Type dropdown arrow and select Quantity, Total Value, or Quantity and Total Value. Select the adjustment type option and then select your adjustment account.
4. Enter the Adjustment Date.
5. Select the Adjust Account dropdown and choose the adjustment account you set up.
6. Choose Find & Select Items. Then, select the items you want to adjust. If you have a lot, search for any product in the Find field.
7. Select Add Selected items.
8. Add a new quantity or new value (or both) for each item.
9. Click Save and Close.

Once done, you can open this article to see further details and how to look at your inventory status reports to make sure everything looks good: Adjust your inventory quantity or value in QuickBooks Desktop.

Lastly, you may refer to this article to view various details on how you can adjust your stock of finished goods without affecting the stock of components: Adjust your inventory of finished goods.

Don't hesitate to click the Reply button below if there's anything else you want to add about adjusting value. I'll be around to help you, judith4. Have a good one!

Hi,

   I know this is an older post, but I'm in a similar situation and I followed your instructions for QBD...  I see the cost change, but I don't see a credit in the system that will allow us to use the cost of goods credit the vendor gave us to pay bills (either the same or other invoices.)   The original Bill was already paid, so now I need to used the Cost of Goods credit to pay other bills...

    What am I missing...  Is there a different method I should be using instead of or also?

D. Val

Hello, @Casepros.

Thank you for reaching out and providing the details of your situation. It seems that using an inventory adjustment might not be the best approach for handling the vendor credit related to price adjustments on inventory items.

The suggested method to handle this scenario is to enter a vendor credit and then manually adjust the cost directly in the item information. This approach allows you to accurately reflect the price adjustment without affecting your inventory quantity.

First, let's start fresh and delete the adjustment you previously created. Here's how:

1. Go to the List menu and select Item List.
2. Find the item and right-click on it. 
3. Select QuickReport [ItemName].
4. Double-click the inventory adjustment.
5. Go to the Edit menu and choose Delete Inventory Adjust.
6. Click OK to confirm.

Once done, follow these steps to enter a vendor credit:

1. From the Vendors menu, select Enter Bills.
2. Select the Credit radio button to account for the return of goods.
3. Enter the Vendor name.
4. Select the Expenses tab and enter the Accounts on the original bill.
5. In the Amount column, enter the appropriate amount for each Account (the amounts may have to be prorated).
6. Select Save and Close.

Next, manually adjust the cost as follows:

1. Go to the Lists menu and select Item List.
2. Find the smoke detectors item, right-click on it, and select Edit Item.
3. Go to the Cost field, and manually adjust the cost to reflect the credit received. For example, if the original cost was $10 per unit and the credit reduced it to $8 per unit, change the cost to $8.
4. Click OK to save the changes.

In case you come across a different scenario, such as the vendor sending a refund check unrelated to an existing bill, you can refer to this article: Vendor Refund.

If you have any further questions about handling inventories or any other QuickBooks-related queries, don't hesitate to ask. I'm here to provide you with assistance and support.