Help applying vender credit note to purchase invoice in QB

Discussion in 'Accounts & Finance' started by Nortski, Dec 8, 2018 at 9:03 PM.

  1. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    Hi all, I'm in a terrible muddle and would appreciate some guidance.

    On 5-10-18 I made an online stock order to the value of £160.80, payment was by bank debit card.
    Due to a system glitch, I was charged twice, no refund was given, instead the vendor credited £160.80 to my account.

    In Quickbooks Pro 2013 I created a purchase order for the stock totalling £160.80.

    Upon receipt of stock I selected "Receive stock with bill" in QB and proceeded to "Pay bills" from my bank account in QB. So now my bank account has a discrepancy of £160.80.

    On 2-12-18 I made another stock purchase from same vendor via their website to the value of £265.20, but this time using my credit card.

    In QB I have created purchase order for the items ordered, totalling £265.20.

    The vendor have only charged my credit card the sum of £104.40 as they have used the £160.80 credit on my account.

    How do I apply this deduction to the recent purchase order before I confirm payment using the "Enter credit card charges" in QB. Also; how do I fix the £160.80 discrepancy in my bank account?

    Thanks in advance.
     
    Posted: Dec 8, 2018 at 9:03 PM By: Nortski Member since: Apr 8, 2013
    #1
  2. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    So £160.80 has gone through your bank account (not the Quickbooks bank account) twice?
     
    Posted: Dec 8, 2018 at 10:20 PM By: Scalloway Member since: Jun 6, 2010
    #2
  3. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    Hi Scalloway, thanks for taking the time to view my little problem.
    Yes, £160.80 has gone through my bank account twice (only once in QB).
     
    Posted: Dec 8, 2018 at 10:32 PM By: Nortski Member since: Apr 8, 2013
    #3
  4. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    Then can you not do a supplier payment to clear the supplier balance?
     
    Posted: Dec 8, 2018 at 11:01 PM By: Scalloway Member since: Jun 6, 2010
    #4
  5. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    You mean just do a supplier refund back to my bank account?
     
    Posted: Dec 8, 2018 at 11:24 PM By: Nortski Member since: Apr 8, 2013
    #5
  6. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    No do a supplier payment. You have paid the £160.80 and the supplier has recognised it when they took payment from your credit card.

    Invoice £265.20

    Paid in advance ......£160.80
    Paid by credit card £104.40
    TOTAL..........................£265.20
     
    Posted: Dec 8, 2018 at 11:37 PM By: Scalloway Member since: Jun 6, 2010
    #6
  7. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    Oh. How is this done in QB and how do I deduct it from the purchase order?
     
    Posted: Dec 9, 2018 at 10:01 AM By: Nortski Member since: Apr 8, 2013
    #7
  8. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    Posted: Dec 9, 2018 at 12:23 PM By: Scalloway Member since: Jun 6, 2010
    #8
  9. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    After digging a little deeper I've found that I can pay for the purchase order and receive the inventory as normal using the "Enter credit card charges" function. Then use the same function but flip the tab to "refund/credit" and enter the £160.80 there. I'm assuming that the expense account will be the "inventory asset" account?
     
    Posted: Dec 9, 2018 at 1:14 PM By: Nortski Member since: Apr 8, 2013
    #9
  10. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    Are you using the inventory asset account to track stock as you buy and sell it?
     
    Posted: Dec 9, 2018 at 1:35 PM By: Scalloway Member since: Jun 6, 2010
    #10
  11. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    Yes that is correct.
     
    Posted: Dec 9, 2018 at 1:38 PM By: Nortski Member since: Apr 8, 2013
    #11
  12. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    Then that is the expense code to use.
     
    Posted: Dec 9, 2018 at 4:15 PM By: Scalloway Member since: Jun 6, 2010
    #12
  13. Nortski

    Nortski UKBF Contributor Free Member

    57 2
    Right I'll do that then. I still have the £160.80 overpayment in my bank account. I'm thinking I need to make some kind of payment from my bank account in QB to the vendor?
     
    Posted: Dec 9, 2018 at 4:49 PM By: Nortski Member since: Apr 8, 2013
    #13
  14. Scalloway

    Scalloway UKBF Legend Free Member

    14,038 2,993
    Yes that is what I am trying to tell you.

    You need to apply the payment to the vendors account then sort the purchase order.
     
    Posted: Dec 9, 2018 at 4:51 PM By: Scalloway Member since: Jun 6, 2010
    #14