Check rec'd from vendor - how to enter?

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Check rec'd from vendor - how to enter?

by gordon1986 » Mon Jul 06, 2009 2:16 pm

We received a refund check from a vendor that we will not owe anything else to for the rest of this year. How can I enter this so that the vendor account, bank reconciliation, etc. come out properly?
GH
gordon1986  

Re: Check rec'd from vendor - how to enter?

by admin » Tue Jul 07, 2009 1:01 pm

If you don't already have a credit entered for that vendor, enter it, then pay it off with the check.
admin Site Admin  

Re: Check rec'd from vendor - how to enter?

by gordon1986 » Tue Jul 07, 2009 1:28 pm

You said: "If you don't already have a credit entered for that vendor, enter it, then pay it off with the check."

I don't see a vendor credit memo entry option, so I assume you mean a negative bill. If I do that, then I have to pay it with a negative check from _MY_ bank account, when in reality I have a check from them.

Is this what you mean?
GH
gordon1986  

Re: Check rec'd from vendor - how to enter?

by admin » Wed Jul 08, 2009 2:40 pm

Another suggestion is if you have not entered a refund credit for the vendor, then you can just enter it as a GL entry and debit/credit the correct accounts.
admin Site Admin  

Re: Check rec'd from vendor - how to enter?

by gordon1986 » Wed Jul 08, 2009 3:24 pm

The last suggestion is the easiest, but please answer my prior question. How do you enter a vendor credit if not as a negative bill? And if you do so, how do you pay the bill without doing a negative check from our own bank account?
GH
gordon1986  

Re: Check rec'd from vendor - how to enter?

by admin » Thu Jul 09, 2009 12:50 pm

Entering it as a credit will result in a negative bill. When you receive a future bill for a positive amount, you can apply the credit to help pay for that. However, since you will not owe anything to the vendor for the rest of the year it would be best to do it as a journal entry.
admin Site Admin  


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