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D
ds_tools
September 3, 2019
Question

How can I transfer a credit from 1 supplier to another? This is the same company I have two accounts with them for different trading terms

  • September 3, 2019
  • 1 reply
  • 0 views
One is 30-day rolling account, the other a 6-month loan account with fixed monthly payback.
At the end of the 6 months, if there is any credit (e.g. if a product was returned/exchanged and a credit note issued) it is moved to the 30-day account and the 6-month account starts again from £0.

I need to transfer the credit over in QB.

1 reply

J
JonpriL
September 3, 2019

Hi there, @ds_tools!

 

You can create a journal entry transaction so you can transfer credit from one of your suppliers to another. I'll be happy to help you accomplish this.

  1. Go to the Plus icon.
  2. Under Other, select Journal Entry.
  3. From the ACCOUNT column, select your Creditors account.
  4. Under DEBITS, enter the amount of the credit you want to transfer.
  5. From the NAME column, select the supplier you want to transfer the credit.
  6. Under ACCOUNT, select your Creditors account.
  7. From the Credits column, enter the amount of the credit you're about to transfer.
  8. Under NAME, select the supplier who will receive the credit you've transferred.
  9. Click Save and close.

To add, you can take a look at the screenshot I've included below for your visual reference. Also, I'd recommend contacting your accountant. He/she will help you properly record your journal entry and transfer your supplier's credit successfully.

 

 

In case you need some tips and related articles for future use, you can always visit our QuickBooks Online Help Articles page for reference.

 

If there's anything else that I can help you with, please let me know in the comment section below. I'll be always around ready to help.

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