How to enter a Vendor Refund check received (Pro ONLY)

Modified on: 2017-06-08 11:29:52 -0400


How to use the Returns & Credits system to process a Refund check received from a Vendor


The following help is for the Pro version ONLY; for DM Cloud click here.

 

How to process a Vendor refund using the Returns/Credits system when the Vendor provides you with a refund check for a Vendor Invoice: 

  1. Open Return/Credits (Accounting - Return & Credits button OR G/L ? Returns/Credits)
  2. Select the Vendor Tab
  3. Select the Credit Type ? Refund Check AND choose the proper payment type for the refund check in the drop down.
  4. Select Credit For ? Invoice (Project PO)
  5. Enter the Credit Information
  6. The Amount should be the TOTAL amount of the credit you are receiving, entered as a Positive.
  7. Choose OK to all of the next 2-3 warnings that may appear.
  8. Highlight the Component(s) to be refunded and choose the Pencil button to Edit the Cost.
  9. Change the Cost amount to be the Negative Cost being refunded for each component refunded.
  10. Choose Ok and then Confirm the total Amount Due matches the amount you have entered previously into the Amount field from the Returns and Credits window (except this amount will appear as a negative). *If the amount does not match, edit the other components costs that are not being refunded to be sure they are $0.
  11. Choose OK
  12. The following warning may appear ? choose OK.
  13. The Refund will process.
  14. You will now see 2 entries on the Payments & Checks - Checking ? Pay/Print tab.  One will be a positive and the other a negative for the same dollar amount.  You will need to tag these entries and choose the Offset button.
  15. Once Offset, the entry will appear as a Deposit in your checkbook.




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