How to use the Returns & Credits system to process a Vendor Refund credit to be kept On account
How to process a Vendor refund using the Returns/credits system when the Vendor Credit remains On Account for a Vendor Invoice:
- Open Return/Credits (Accounting - Return & Credits button OR G/L Returns/Credits)
- Select the Vendor Tab
- Select the Credit Type On Account and the Credit For Invoice (Project PO)
- Enter the Credit Information
The Amount should be the TOTAL amount of the credit you are receiving, entered as a Positive.
5. Choose OK to all of the next 2-3 warnings that may appear.
6. Highlight the Component(s) to be refunded and choose the Pencil button to Edit the Cost.
7. Change the amount to the Negative Cost being refunded for each component refunded.
8. 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.
9. Choose OK
10. The following warning may appear choose OK.
11.The Refund will process. Choose OK.
12. You will now see the credit on the Payments & Checks - Checking Pay/Print tab for future use.