Apply Vendor Credit Memo


N

ntdk

I receive a marketing fund from a Vendor so create a Vendor Credit memo for
this transaction but when i go to Vendor Bill, the Credit memo doesn't show
up. Any idea? what i'm doing wrong?
 
Ad

Advertisements

L

Lance [MSFT]

I'm not totally clear on your scenario, but perhaps this would help.

There are two type of situations where a vendor credit memo would be used
1) The vendor is giving you some sort of discount against a purchase (no
money changes hands, but the price of something you buy will be reduced)

2) The vendor paid you a refund.

I'm guessing you have case 2, but in case you have the other one, I'll put
in the steps for both.

For case 1 (vendor credits you but doesn't pay you. The credit will be
applied to some future bill):

Eenter a vendor credit memo. Pick the expense account being reduced by the
credit (or the items you are returning) on the lines. Save it.

To apply the credit to a bill, open pay bills, select the bill in the grid,
then click on Apply Credits. Select the credit memo in the credits screen
and click ok. Set the payment column of the bill line to zero. Save the
bill payment. The balance on the bill will be reduced by the amount of the
credit.

For case 2, (vendor pays you):
Enter the vendor credit just like in case 1.

We also need to record that we received the money for it from the vendor.
This is a bit harder than it ought to be because the program lacks a screen
devoted to entering vendor refunds. So to enter a payment from the vendor,
either use the deposit form or the journal form.

If using the deposit form, click below the last row to add an editable line.
Select vendor as the transaction type and select the vendor in the account
column. Enter the amount and save.

If using the journal form, you still select vendor as the type, and pick the
vendor account in the account column. the amount would go into the credit
column.
On the next line select the bank account where you put the money and enter
the amount in the debit column. Save the transaction.

The vendor payment will now appear in the pay bills form as if it were a
bill. Select it and apply the vendor credit to it just like in case 1.

Hope this helps.

This posting is provided "AS IS" with no warranties, and confers no rights
 
N

ntdk

Dear Lance,
Thank for the reply.


Lance said:
I'm not totally clear on your scenario, but perhaps this would help.

There are two type of situations where a vendor credit memo would be used
1) The vendor is giving you some sort of discount against a purchase (no
money changes hands, but the price of something you buy will be reduced)

2) The vendor paid you a refund.

I'm guessing you have case 2, but in case you have the other one, I'll put
in the steps for both.

For case 1 (vendor credits you but doesn't pay you. The credit will be
applied to some future bill):

Eenter a vendor credit memo. Pick the expense account being reduced by the
credit (or the items you are returning) on the lines. Save it.

To apply the credit to a bill, open pay bills, select the bill in the grid,
then click on Apply Credits. Select the credit memo in the credits screen
and click ok. Set the payment column of the bill line to zero. Save the
bill payment. The balance on the bill will be reduced by the amount of the
credit.

For case 2, (vendor pays you):
Enter the vendor credit just like in case 1.

We also need to record that we received the money for it from the vendor.
This is a bit harder than it ought to be because the program lacks a screen
devoted to entering vendor refunds. So to enter a payment from the vendor,
either use the deposit form or the journal form.

If using the deposit form, click below the last row to add an editable line.
Select vendor as the transaction type and select the vendor in the account
column. Enter the amount and save.

If using the journal form, you still select vendor as the type, and pick the
vendor account in the account column. the amount would go into the credit
column.
On the next line select the bank account where you put the money and enter
the amount in the debit column. Save the transaction.

The vendor payment will now appear in the pay bills form as if it were a
bill. Select it and apply the vendor credit to it just like in case 1.

Hope this helps.

This posting is provided "AS IS" with no warranties, and confers no rights
 
A

AngelaTC

Lance said:
I'm not totally clear on your scenario, but perhaps this would help.

There are two type of situations where a vendor credit memo would be used
1) The vendor is giving you some sort of discount against a purchase (no
money changes hands, but the price of something you buy will be reduced)

2) The vendor paid you a refund.

I'm guessing you have case 2, but in case you have the other one, I'll put
in the steps for both.

For case 1 (vendor credits you but doesn't pay you. The credit will be
applied to some future bill):

Eenter a vendor credit memo. Pick the expense account being reduced by the
credit (or the items you are returning) on the lines. Save it.

To apply the credit to a bill, open pay bills, select the bill in the grid,
then click on Apply Credits. Select the credit memo in the credits screen
and click ok. Set the payment column of the bill line to zero. Save the
bill payment. The balance on the bill will be reduced by the amount of the
credit.

For case 2, (vendor pays you):
Enter the vendor credit just like in case 1.

We also need to record that we received the money for it from the vendor.
This is a bit harder than it ought to be because the program lacks a screen
devoted to entering vendor refunds. So to enter a payment from the vendor,
either use the deposit form or the journal form.

If using the deposit form, click below the last row to add an editable line.
Select vendor as the transaction type and select the vendor in the account
column. Enter the amount and save.

If using the journal form, you still select vendor as the type, and pick the
vendor account in the account column. the amount would go into the credit
column.
On the next line select the bank account where you put the money and enter
the amount in the debit column. Save the transaction.

The vendor payment will now appear in the pay bills form as if it were a
bill. Select it and apply the vendor credit to it just like in case 1.

Hope this helps.

This posting is provided "AS IS" with no warranties, and confers no rights
 
Ad

Advertisements

L

Lance [MSFT]

In the pay bills form there is a column in the data grid labeled 'Credits'
After you check off the line in the data grid for the bill you want to pay, a
hyper link should appear under the credits number. (If using the older 2006
version, a button appears there). Click on the link in the credits column to
open the Apply Credits screen.

Hope this helps

This posting is provided "AS IS" with no warranties, and confers no rights.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top