#Quickbooks vendor credit memo how to

In the image above, a small box has opened as soon as the vendor’s name was selected.

The next time you enter a transaction that involves-or will involve-sending that vendor some money, you’ll see a record of that credit to the right of the Check or Expense screen, for example. QuickBooks Online records your Vendor Credits and reminds you that they’re there when you go to pay that vendor again. Using Your Credit How do you redeem this credit? QuickBooks Online reminds you to use it. Note: We don’t recommend that you do this the first time on your own let us help. Fields displayed there include Product/Service, Qty (quantity), Rate, and Sales Amt (amount). You would only enter information here if you’re returning items to a vendor.

There’s also another section under Account Details you may need to address: Item Details (click the arrow to open if necessary). If you’re not sure when these fields are required, ask us to go over these concepts with you. They are Billable, Markup %, Tax, Customer, and Class. The row where you entered Account, Description, and Amount contains several additional fields that you may need to complete in some cases. There’s much more to the Vendor Credit screen that you didn’t need to consider for this example. Otherwise, click Save and close or Save and new. You can add a Memo in the box at the bottom of the screen if you’d like, and select any Attachments to include from your file directories. Enter a Description and the Amount of the credit. Select the account you used when you created the original expense. Under Account details, click in the field under Account, and open the drop-down list by clicking the down arrow on the right. – Enter a reference number if applicable. Payment date – Change the default date if it’s not correct.Vendor – Click the down arrow in the field in the upper left corner and select the correct vendor, or + Add New.These are the fields you would need to complete: A screen like the partial one pictured above would appear. Here’s how it would work:Ĭlick the + (plus) sign in the upper right corner of the screen and select Vendors | Vendor Credit. But other situations are more complicated. It’s easy to complete a Vendor Credit form in QuickBooks Online for a simple credit. The supplier issued you a credit of $50.00 for future purchases, and sent you a reference number to use. The ink on some of the pens had gotten smudged, so your company email address printed on them was illegible. Let’s say you received a shipment of pens that you’d planned to use as promotional items for your salespeople.

#Quickbooks vendor credit memo how to

Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately. In these cases, you’ll enter a Vendor Credit in QuickBooks Online, which you can apply the next time you buy something from that supplier.

You might also get a rebate for an item you bought. You may be issued a credit of some kind simply because you’ve been a loyal customer, and a vendor wants to reward you. Probably the most common scenario is a return of merchandise, products that you’ve sent back to the supplier for any of a variety of reasons. Sometimes, though, vendors owe you money. Or you walk into a store and buy something your business needs. Maybe you send them purchase orders and they send you invoices. When you’re dealing with your company’s vendors, you’re probably accustomed to money flowing in one direction: theirs. Whether you’re getting a vendor credit for a refund or a return, you can record it in QuickBooks Online.

QuickBooks Inventory Tracking to Fishbowl.