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judith4
November 22, 2022
Question

Vendor Credit via Credit Card for Price Adj on Inventory Material

  • November 22, 2022
  • 1 reply
  • 0 views

Hello.

 

I purchased 450 smoke detectors from Home Depot via credit card. 

 

A month later we receive a credit (price adj) via our credit card for the smoke detectors.  

 

I need to enter this vendor credit without affecting inventory qty. 

 

I know what the entry would be if we'd received a bill that hasn't been paid but I can't figure out the entry for a credit card payment. 

 

Thank you for your help.

1 reply

Jen_D
Jen_D
November 22, 2022

Hey there, Judith.

 

It's awesome to have you here. I'd like to help you log your vendor credit in your QuickBooks account.

 

To enter Credit Card Charge Refund/Credit, just go to Banking then Enter Credit Card Charges. Select the Refund/Credit radio button and enter the receipt that you have for the refund. This transaction should be a mirror-image of the original purchase, meaning that you select the same expense / asset accounts and have the same tax codes and amounts. In your case, if you wish to not update the inventory, you don't need to add the products and services.

 

You may take a look at this article to adjust your inventory value: Adjust your inventory quantity or value in QuickBooks Desktop

 

Let me know if you need further help. I'll be more than happy to help you record your transactions in QuickBooks.

J
judith4Author
November 22, 2022

Hi Jen-D,

 

This was not helpful.

 

I'm QBDT. 

 

I know how to enter a vendor credit via credit card in QBDT. 

 

I need to know how to adjust the the inventory value. 

 

Thank you.

C
ChristieAnn 11
November 22, 2022

Hi there, judith4.

 

I appreciate you for coming back to the thread and adding some clarification about your concern. I'll be sharing steps to ensure you can adjust your inventory in QuickBooks Desktop.

 

To start with, you'll have to decide what kind of adjustment you need. I recommend consulting an accountant for additional assistance to ensure your records are in shipshape. They can offer advice on how to handle the adjustment and the correct process to make.

 

Then, set up your inventory adjustment account in QBDT. You'll need to create a separate account in your chart of accounts to track your adjustments.

 

Here's how:

 

  1. Select the Company menu at the top and choose Chart of Accounts.
  2. Choose the Account dropdown arrow and click New.
  3. From the Other Account Types dropdown, select Cost of Goods Sold.
  4. Name this account “Inventory Adjustments” and click Save and Close.

 

After that, you can now adjust a product’s quantity or value. Please follow the steps below.

 

  1. Select the Vendors menu at the top and choose Inventory Activities. Then, Adjust Quantity/Value on Hand.
  2. Choose Inventory and select Adjust Quantity/Value on Hand
  3. Select the Adjustment Type dropdown arrow and select Quantity, Total Value, or Quantity and Total Value. Select the adjustment type option and then select your adjustment account.
  4. Enter the Adjustment Date.
  5. Select the Adjust Account dropdown and choose the adjustment account you set up.
  6. Choose Find & Select Items. Then, select the items you want to adjust. If you have a lot, search for any product in the Find field.
  7. Select Add Selected items.
  8. Add a new quantity or new value (or both) for each item.
  9. Click Save and Close.

 

Once done, you can open this article to see further details and how to look at your inventory status reports to make sure everything looks good: Adjust your inventory quantity or value in QuickBooks Desktop.

 

Lastly, you may refer to this article to view various details on how you can adjust your stock of finished goods without affecting the stock of components: Adjust your inventory of finished goods.

 

Don't hesitate to click the Reply button below if there's anything else you want to add about adjusting value. I'll be around to help you, judith4. Have a good one!

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