PC.4.I.3 - Creating Vendor Credits | Scribe

    PC.4.I.3 - Creating Vendor Credits

    • 11 steps
    • Fast & Easy QBOFast & Easy QBO
    • QuickBooksQuickBooks

    The Sample Company

    1
    To complete this exercise, you must be in the Sample company. To get into it, click on the Gear icon on the top right corner of the screen, then select Sample company.
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    Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm.

    Hands On Practice

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    Now let's get started with the exercise. As a reminder, here is the scenario: Your client, Craig, has returned two items to a vendor and he needs your help. Here’s what you need to know: - The vendor is **Norton Lumber and Building Materials** - The credit is for **two Pumps** at **$10** each and was issued today - The vendor credit number is **100** - The bill is for **$205** Here’s what you need to do: - Record the vendor credit - Apply the credit to the vendor bill payment
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    First, we need to create the Vendor credit before it is applied to the bill.
    2
    Click the "+New" button, then select "Vendor credit".
    3
    In the Vendor field, select "Norton Lumber and Building Materials".
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    The Payment date will default to today; leave this as is. *Note: your date may be different than the date below.*
    4
    In the Ref no. field, type "100". *This is the vendor credit number.*
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    Because the two Pumps are an inventory item that Craig tracks, these need to be added in the Item details grid.
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    Click the "arrow" next to Item details to expand the grid.
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    On the first line, in the Product/Service field, select "Pump".
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    In the QTY field, type "2".
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    Click "Save and close".
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    Now let's apply the credit to the vendor bill payment.
    9
    From the left navigation bar, hover over Expenses, then select "Expenses".
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    Scroll down to find the original bill *(be sure it is the Bill, not the Purchase Order).* On that line, in the Action column, click the "down arrow" next to Schedule payment, then select "Mark as paid".
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    The Bill Payment transaction will appear. Note that the vendor credit shows at the bottom of the transaction and has been applied to the Bill.
    11
    Click "Save and close".