Create a Vendor Credit in QuickBooks
There are instances you might have to Create a Vendor Credit in QuickBooks. Such an occurrence can happen when a vendor owes you, or you might have to return the ordered item that you have purchased from a vendor.
Bill that has been sent to you by the vendor needs to be adjusted. In such scenarios you have been in a position of credit from the vendor. This article will give you the steps in which you can create a vendor credit in this accounting software.
Have you learned about the approvals option added in new QB version When you are going to Create A Purchase Order in QuickBooks.
Creating a Vendor Credit on QuickBooks Desktop
User can follow the below mentioned steps to create Vendor Credit
- First, you would need to create a bill, to do that follows these steps.
- Open QuickBooks company page.
- Go to the Vendors in the main menu and click on it.
- From the drop-down menu select and click on Enter Bills.
- Once you enter the billing window
- Go to the option Credit and click on the option button.
- This will open the window with Credit written on top of the form.
- Now go to the Vendor section.
- Click on the drop-down icon.
- Select the vendor name who has issued the credit.
- Next, go to the Date section and click on the date calendar selector.
- A new pop-up will appear, from there select the date and the month that you have received the credit.
- In case there is a number associated with the credit then go to the Ref No box and enter that number.
- Next, go to the Credit Amount field and enter the credit amount in the box.
- Next, go to the Expenses or the Items section and click on the tabs depending on how the credit will affect these two columns.
- For example, if the credit is going to affect the Expenses click on the Expense tab.
- Once you click on the tab the credit amount will automatically appear beside the Expense tab.
- Underneath it is the Account column.
- There is a drop-down menu icon, click on it.
- Select the appropriate expense from the list and click on it.
- The credit amount will also appear in the Amount column.
- Next, click on the Save & Close button so that you can use it later
You can also take advice from QuikBooks Payroll Support Number to apply State & federal taxes on the vendor.
Applying a Vendor Credit on QuickBooks Online
- Open the company page.
- To create a bill Click on the Plus icon at the right hand corner on the top.
- From the menu, list click on Bill.
- A new window will open with Bill written on it.
- Enter the name for whom you want to create the bill from the drop down menu.
- Next go to the Account Details section.
- Click on Account column, and select the item, it will automatically fill the Amount section.
- Once you select that automatically the Mailing address, Bill date, and Due date will get filled.
- Next, go to Terms and select the term from the drop-down menu.
- Next, go to the Bill no. field and enter the number.
- Next, click on save.
- Close the window.
- Next go to Expenses on the left column and click on it.
- A list of Expense Transactions will appear.
- You will see the bill with the bill number on that list.
- Go to the Plus icon on the top
- From the list click on Vendor Credit.
- A new window with Vendor Credit written will appear.
- From the drop-down menu select the vendor.
- Add the item in under the Account field.
- The Amount section will get automatically filled with the number.
- In the Description field, you can enter the note on what the credit is for.
- Next, go to the Ref no. field and enter the number.
- Click on Save & Close.
Resolve QB Vendor Credit Recording Error & Problem
For advanced steps or clearing all your QuickBooks related doubts, call ReConcileBooks Toll Free +1347-967-4079. Your issue & concerns with handle by QuickBooks Technical Support team also if you need immediate help, click on the QuickBooks Chat button and start getting helps form QB Pro Advisor.