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Tripsdiesel
September 16, 2022
Question

How to show you bought something with store credit

  • September 16, 2022
  • 1 reply
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We have a mechanic business. So with that we buy a lot of parts. Some of which have a refundable “core deposit” or having to return wrong parts. It is easier for us and our vendor to keep the money from deposits/returns as a “store credit” with them. How would I make it to where the parts/expenses purchased with said store credit are being kept track of in quickbooks 

1 reply

MariaSoledadG
MariaSoledadG
September 16, 2022

Let me share some information about store credits, Tripsdiesel.

 

For now, we're unable to track store credits in QuickBooks Online (QBO). To track refunds and credits, we can create a vendor credit and use the Item Details section to associate and keep track of the parts. I've provided the detailed steps below: 

 

  1. Click on + New and under Vendors select Vendor Credit.
  2. On the Vendor Credit page, select the vendor name from the drop-down menu.
  3. Find the invoices and sales receipts for which you received credit and select all of the relevant bills, Category details, and/or Item details, depending on how you record your purchases.

     
  4. If you hadn't recorded the bill, you can create a new bill by clicking on + New, and under Vendors selecting Bill. Enter the details of the original bill in the Expenses tab and click Save.
  5. In the Vendor Credit window, enter the credit amount for the selected bills.
  6. Once you have finished entering the vendor credit, click Save and close.

 

However, I still recommend reaching out to your accountant for other options on how you can record the refund and credits. 

 

On the other hand, QuickBooks offers a wide range of reports that will show the different aspects of your business. Learn how to customize them so you'll be able to get the information you need most. Check out this article for your guide: Customize Reports In QuickBooks Online.

 

Fill me in and keep in touch if you have any other concerns with store credits. I'll always be right here if you need help.

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