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Posted by Jimmy Stewart on October 7, 2006, 2:47 pm
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>> Earlier this summer I exchanged merchandise to a vendor that was paid for
>> and received alternate merchandise that cost less than originally paid,
>> thus I had a credit with the vendor. I entered this into quickbooks by
>> entering a "credit" for the amount of the merch returned giving me a
>> credit for the full amount then "purchased" the new merchande with part
>> of the credit...all was well. I have since made several purchases from
>> this vendor, each time QB lowered that credit amount...perfect. Now the
>> problem, the vendor sent me a check for the remaining credit balance.
>> How do I record this payment? Since QB doesn't have a register for
>> vendors I am at a loss. Should I make a GJ entry or perhaps from the
>> 'Make Deposits' window? but what accounts do I charge it off to?
>
> Use the Make Deposits window. The Received From column should be filed
> with the vendor's name, the From Account is Accounts Payable. Enter the
> amount of the check received.
>
> Then go into Pay Bills and select the deposit recorded for that vendor.
> Then apply the credit remaining for the vendor. This will clear the credit
> off of the vendor ledger.
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