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Re: Does this apply to Quickbooks Online?

Hello and thank you for your suggestion.

 

However it does not seem to work for me. I am using Quickbooks online and when I do bill payment I have the vendor credit available to select but not the credit card credit.

 

Also, as I think about it some more I think that perhaps it would not be appropriate from an accounting perspective to apply a credit card credit against a vendor credit as this would in effect be crediting the same account twice - correct?

 

So let me restate the problem and suggest what I think I need to do and then I would love to hear from others how you handle it.

Let's say I purchase $200 worth of inventory from a vendor, and pay using my credit card

I then decide to return $40 worth of goods and create a credit memo for $40.

However the vendor issues a credit card refund for the $40.

So now I need to process the refund from the vendor as a credit card credit.

What do I do with the credit memo?

Do I just delete the credit memo once I receive the refund?

If the credit memo was created in a prior period should I enter a bill to offset the credit memo?

I would love your input. This is a scenario that occurs not infrequently for my client. Thank you

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