How to Enter a Vendor Credit in Quickbooks

[@QbuniversityOrg]

If this video was helpful, please give it a like and SUBSCRIBE!! If you have any questions, please ask them here!

[@judykco1]

Your videos are excellent. Very helpful! Thank you.

[@QbuniversityOrg]

You’re welcome!

[@annabellamt4271]

Thank you so much. But have a question on how to run a report under vendor center that will include vendor credit items or purchase refund for return? same question for the interest income. Since we set up our bank as a vendor, so is there anyway to run a report that will include incoming fund as well?

[@elsa9098]

Thank you so much. I was able to do this.

[@QbuniversityOrg]

Awesome!

[@judysiemen95]

Good Morning I understand about making a credit with a vendor. What I would like to know if you can issue yourself a refund with the credit so it will show up into your bank account instead of using your credit for future purchases with that vendor.

[@alondraorozco3327]

This was very helpful, thank you! ~

[@QbuniversityOrg]

You’re very welcome!

[@thuthuyle3090]

Your video is so helpful! I have a question related to applying a payment to vendor B using the vendor A, like a credit card. How to do it?

[@QbuniversityOrg]

Not sure what you mean can you give me an example?

[@thuthuyle3090]

Thanks for your response! For example: I usually pay vendor A $2000/month and want to create him as a payment method to pay to the vendor B. How can I record this transaction?

[@tiawright9682]

This is a great explanation, however we have a credit with a vendor, but don't have any outstanding bills with them. How do I add the credit in QB and then apply an amount for an order to it? It keeps showing up in my checking account, and that's what I was trying to avoid, because it shouldn't show up in the checking account since we don't actually owe the vendor anything. I hope this makes sense!! Thanks for your help!

[@jamesoldman3021]

Have received a cheque for an item purchased four months back. The bill was paid in full at that time but there is a rebate given when your return the empties. That rebate has now been received. What is the proper way to enter this and can I show it in my undeposited funds so that it can be put in with my regular deposits of cheques and cash.

[@blueberrygirl02]

Hello ,please teachI me if I receive the full refund from vedor for the bill which I already paid last year , Appreciate

[@QbuniversityOrg]

Just enter as a deposit and put it to the account you used for the original payment

[@bethrich4509]

I have a vendor credit for a purchase that was cancelled. Now I have a new invoice from that vendor and they have applied my credit. The credit is larger than the invoice amount. We put vendor invoices in quickbooks as expenses. How do I apply my credit to this expense?

[@QbuniversityOrg]

You’d have to enter the vendor invoice as a bill, then apply the credit

[@769sly]

Very helpful!

[@QbuniversityOrg]

Thanks!

[@michelca925]

I had a credit for $300K from a vendor. I entered it the using the 1st method and then went into bills and applied it to each outstanding job. Is this method allowed? Trying to make sure everything is good for tax time.

[@QbuniversityOrg]

Yes that should be fine

[@roto172yelle]

Thank you for your videos, very helpful! I'm curious if this is basically the same process for in-store rebates? I can't videos anywhere on KZbin for vendor rebates such as this topic. I'm a contractor and buy very often from Menards which has ongoing 11% rebate sales. If you're not familiar with their process; tear off the rebate on the receipt, mail in and they mail back an in-store credit for that amount. I use job costing mainly to see profit and loss though sometimes to invoice customer or for transparency if doing T&M. Can I do the same method here even though there isn't a bill? It would only be shown as an expense or cost of good, so could I simply use the expense tab verse the item tab to then log which account and select which job to then show a "refund" or actual amount I received back from original purchase? I'm assuming it would then deduct that amount from whichever account balance and lessen that specific job cost that amount as well. (I currently have 2016 version desktop)

[@isaacjustindavid1404]

Thank you

[@QbuniversityOrg]

Welcome!!

[@britanytebaau7106]

If a credit was used to pay a bill but I want to unpay it how do I do that

[@QbuniversityOrg]

Go into the AP register and void the payment

[@schelleuser2792]

@@QbuniversityOrg When you void it the amount is deleted so I always type it in the memo field next to the "VOID" notes so I can track it and make sure I voided it.

[@schelleuser2792]

I mean, I type the dollar amount that I'm voiding so I can search that amount to follow the paper trail.

[@QbuniversityOrg]

@@schelleuser2792 makes sense!

[@QbuniversityOrg]

@@schelleuser2792 ah ok!

[@graceyim2941]

Sir, Can I just pay bills without entering bills?

[@QbuniversityOrg]

Well in this case you would just enter the payment directly in the check register instead of entering and paying the bill

[@ahsanshaikh3108]

Good but sir try to maximize your screen to look much better

[@QbuniversityOrg]

You can maximize on your end through YT and put on 1080P and it's clear as a bell