QuickBooks is one of the most leading accounting solutions around the globe. The software provides all the features to make sure that a company manages the accounts in the most efficient manner.
In this article, we will get into the details of QuickBooks vendor credit. Also, you can get in touch with our AccountingErrors QuickBooks technical support team for more information. Our QuickBooks experts have all the answers to your queries related to this QuickBooks vendor credit.
What is QuickBooks Vendor Credit?
QuickBooks Online allows the user to type in the vendor credit in order to record returns to vendors. It also helps the accounting experts to record the refunds from vendors. The vendor might give you a credit doc which depicts that you no longer have to make any amount which is mentioned in the doc. Or, the vendor might offer you a refund check.
In case a vendor gives you a credit document, you will have to enter a vendor credit. Afterwards, you would have to apply it whenever you pay vendor’s bill. In case the vendor gives you a refund check, you still have to enter a vendor credit. However, you also type in a deposit and link the deposit to your refund check.
In case the refund is for a repaid inventory product, then you would have to make the vendor credit.
1. Number One: Type in vendor refund check inside the Deposits screen
- Click on the Plus Icon, which is present on the top, after that click on Bank Deposit.
- Right in section that says Add other funds to the deposit, enter the required details.
- Enter the received from part, type in the vendor name.
- In the Account section: Put Accounts Payable details.
- In the Amount section: Put the check amount.
- After you are done, click on Save and then close.
2. Number Two: Click on the Plus Icon which is at the top. After this, click on Expense or Check.
- Both the Expense and Check section identify and record expense.
- While using the Check, the transaction is included in the list of checks which you may easily print.
- In choose a payee option, click on the vendor name.
- Don’t add anything right now in the Amount, Date, Reference / Check # and Memo columns
- Straight from the Add to Expense, or from the Add to Check area, click on Add for outstanding vendor credit, and then deposit.
- Click on Save and then close.
Everyone doesn’t use the Vendor Credits. A few of the companies find different workarounds. However, it is always advised to understand the use of Vendor credit. Also,the accounting experts should know how to use this feature in order to keep the accounts accurate and precise. The feature gives you the advantage of recording everything important.