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Posted by aps on June 6, 2008, 5:51 pm
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>>
>>
>> >>Let's say you purchase a product by purchase order. =A0 Item is received=
> and
>> >>PO is paid by a bill. =A0 =A0Later, within warranty, you discover produc=
>t is
>> >>defective and return to the vendor. =A0 =A0 How should you be processing=
> the
>> >>refund from the vendor in Quickbooks?
>>
>> > In the "Enter Bills" screen, check the box for 'credit' and enter the
>> > return. =A0This will create a credit with the vendor.
>>
>> I know how to process a credit. =A0 I asked about a return of funds. =A0 =
>=A0I can
>> certainly do the direct debit as suggested by the other poster, but was
>> curious if the involvement of Bills and POs in the original payment create=
>d
>> any extra hurdles.
>>
>> --
>> Will
>
>Only if you received a credit from the vendor. If you received a
>refund check, go to make deposits, enter the same account that you
>used when you paid the bill and the vendor's name. This will make the
>JE for you and record it to the vendor with the other transactions.
>
>Michelle L. Long, CPA, MBA
>Author of: Successful QuickBooks Consulting: The Complete Guide to
>Starting and Growing a QuickBooks Consulting Business
>http://www.SuccessfulQuickBooksConsulting.com
>http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-Startin=
>g/dp/1434810690
I totally agree with Michelle. Not to confuse things, but if this is a trade
paybles vendor
that you make numerous purchases with they will nomally issue a credit, unless
you
request a cash refund. If the item was sold and returned by a customer, you
would
refund the customer by crediting cash and debiting sales. The cost of the
defective
item would also have to be taken into account by crediting COGS and debiting
inventory/purchases. The cost amount you were refunded would then be credited
to
inventory/purchases for the item.
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