Expense refund from Vendor

FaizanSehgal · ‎December 10, 2018

ABC is my vendor, we purchase goods from ABC on credit basis. total payable amount is $ 5000.

we participated in exhibition . total expense on this exhibition was $ 1000. 50% of the expense amount will bear our Vendor ABC.

i create a customer ABC and send an invoice for the amount of $ 500.

against this invoice my vendor send me a credit note for the same amount of $ 500.

Please help how can i record this with valid authentication

Please NOTE: We are working with multiple currencies

Thanks

Rustler · ‎December 10, 2018

I can not help with your VAT or your multi-currency situation, but this is the concept to get it done

create a dummy bank called clearing

receive payment on the invoice, and deposit to the dummy clearing account

use write checks, do not print it, on the dummy clearing bank account select the vendor, and as the account select accounts payable, enter the amount, on the far right of that line select the vendor name in the name column, save

bring up pay bills, select the bill, and apply the credit the check created, then pay the balance when ready

View solution in original post

Rustler · ‎December 10, 2018

I can not help with your VAT or your multi-currency situation, but this is the concept to get it done

create a dummy bank called clearing

receive payment on the invoice, and deposit to the dummy clearing account

use write checks, do not print it, on the dummy clearing bank account select the vendor, and as the account select accounts payable, enter the amount, on the far right of that line select the vendor name in the name column, save

bring up pay bills, select the bill, and apply the credit the check created, then pay the balance when ready

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Expense refund from Vendor

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