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ACECCO
Level 2

Show a vendor credit as revenue

Hi, 

We are getting a "loyalty credit" from a vendor that my boss would like to show as income. I have received the invoice (normally for $3000 but this one shows a $2000 credit leaving the actual amount owed $1000). I tried to create a bill for the full amount with another line for the revenue account but QB didn't like that! Is it possible to do this? 

 

So I want the full $3000 to show as the normal expense when in reality I am taking the $2000 credit and moving it from one pocket to another within my company! I think I could do a JE but my bank is linked to QBO and so how will I link the actual payment of only $1000?

I hope this makes sense. I am not an accountant - just do the basic books for my company so when something deviates from the norm, I need help! Appreciate it!

 

Solved
Best answer July 24, 2020

Best Answers
Joesem M
QuickBooks Team

Show a vendor credit as revenue

Thanks for posting in the Community space, @ACECCO.

 

You can create a service item and post it to an income account. This way, it will open $1 000 and match it to your bank feed. Please follow the steps below:

 

  1. Go to the Sales menu and select the Product and Services tab.
  2. Click the New button.
  3. Select Service.
  4. Enter the necessarily required field.
  5. Make sure to change the Expense account to a different account Income account
  6. Click Save and close.

Joesem Molat.JPG

After that, create a Vendor Credit and use the service item created.

 

  1. Go to +New, then Vendor credit.
  2. Enter the vendor credit details.
  3. Click Save and close.

Joesem Molat.JPG

 

Once done apply the Vendor Credit to the Bill:

 

  1. Go to the +New icon.
  2. Select Bill under the Vendors column.
  3. Enter the bill details.
  4. Click Save and close.

Joesem Molat.JPG

You can also pull up the Profit and Loss Detail report. This will show that the transaction is already in the Income account.

 

Here are a few resources to guide you with QuickBooks reports: 

 

 

I'm always here if you need more help with your report. Take care and have a wonderful day!

View solution in original post

2 Comments
Joesem M
QuickBooks Team

Show a vendor credit as revenue

Thanks for posting in the Community space, @ACECCO.

 

You can create a service item and post it to an income account. This way, it will open $1 000 and match it to your bank feed. Please follow the steps below:

 

  1. Go to the Sales menu and select the Product and Services tab.
  2. Click the New button.
  3. Select Service.
  4. Enter the necessarily required field.
  5. Make sure to change the Expense account to a different account Income account
  6. Click Save and close.

Joesem Molat.JPG

After that, create a Vendor Credit and use the service item created.

 

  1. Go to +New, then Vendor credit.
  2. Enter the vendor credit details.
  3. Click Save and close.

Joesem Molat.JPG

 

Once done apply the Vendor Credit to the Bill:

 

  1. Go to the +New icon.
  2. Select Bill under the Vendors column.
  3. Enter the bill details.
  4. Click Save and close.

Joesem Molat.JPG

You can also pull up the Profit and Loss Detail report. This will show that the transaction is already in the Income account.

 

Here are a few resources to guide you with QuickBooks reports: 

 

 

I'm always here if you need more help with your report. Take care and have a wonderful day!

View solution in original post

ACECCO
Level 2

Show a vendor credit as revenue

Thanks so much!

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