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Hi there! I would appreciate any help with this as i have never come across this issue in my career and have never seen anything like this ever booked.
The software they use is QuickBooks Premier Manufacturing and Wholesale Edition 2015.
Here is the story.
I am currently working for a business that purchases a large amount of products from Under Armour,
Because we purchase from them in such a large quantity they provide us with a credit that is constantly changing as new purchases happen and as we use the credit.
They currently use the credit when they make a new purchase. They do not take the credit from an invoice. So adding a credit memo and applying it to the invoice is out of the question, as when the bill arrives the pricing includes the credit amount but doesn't actually show the credit used.
Hopefully i'm making sense.
So. This running constantly changing credit is currently tracked and documented on a spreadsheet updated by the person making the orders and sent to me when any changes have been made. The owner wants this credit in QB.
They have a Customer account set up as UA Credit that is only used to document the credit.
There have been several people before me that have entered this credit into QB multiple ways.
One girl did multiple Journal Entries to reflect the credit. I honestly cant tell exactly what she was doing because there are only 3 entries and there inst enough consistency for me to understand.
One girl did credit memos. Problem is these will never be applied to an invoice and will just be left open.
And finally my favorite, Most of the entries on the UA Credit account is entered as invoices and the invoice number is credit. Which makes my AR total completely false.
How in the world would you handle this?
Can I enter this total credit amount as a negative bill and as the amount of the credit changes update the bill? ( i know this wont work.
The software they use is QuickBooks Premier Manufacturing and Wholesale Edition 2015.
Here is the story.
I am currently working for a business that purchases a large amount of products from Under Armour,
Because we purchase from them in such a large quantity they provide us with a credit that is constantly changing as new purchases happen and as we use the credit.
They currently use the credit when they make a new purchase. They do not take the credit from an invoice. So adding a credit memo and applying it to the invoice is out of the question, as when the bill arrives the pricing includes the credit amount but doesn't actually show the credit used.
Hopefully i'm making sense.
So. This running constantly changing credit is currently tracked and documented on a spreadsheet updated by the person making the orders and sent to me when any changes have been made. The owner wants this credit in QB.
They have a Customer account set up as UA Credit that is only used to document the credit.
There have been several people before me that have entered this credit into QB multiple ways.
One girl did multiple Journal Entries to reflect the credit. I honestly cant tell exactly what she was doing because there are only 3 entries and there inst enough consistency for me to understand.
One girl did credit memos. Problem is these will never be applied to an invoice and will just be left open.
And finally my favorite, Most of the entries on the UA Credit account is entered as invoices and the invoice number is credit. Which makes my AR total completely false.
How in the world would you handle this?
Can I enter this total credit amount as a negative bill and as the amount of the credit changes update the bill? ( i know this wont work.