Skip to main content
A
A PUNK
February 3, 2020
Solved

Vendor credit messing up report amounts

  • February 3, 2020
  • 2 replies
  • 0 views

I have added a refund following the step outlined: create a vendor credit, then bank deposit, then pay bills to link the two. 

 

The problem is that by doing this now there is a charge (the original purchase), the credit (the refund), and also a deposit of the same amount which is being counted as another credit. So essentially there is double the credit actually given. This is obviously incorrect. Can somebody help me here?

 

Thanks

Best answer by A PUNK

To solve reports, after properly adding the vendor credit per the link below "enter a refund from a vendor", I had to delete the manually added deposit so that there was only the actual bank deposit added from banking matched to the vendor.

 

After taking care of the duplicate deposit I had to go into the vendor expense table, by selecting it from the vendors tab, and made sure the blue "online banking matches" deposits were the only ones there and that the "accounts payable" was the account the deposit is linked to. 

 

Working with multiple vendor credits and deposits at the same time made things a bit tricky by applying partial vendor credits to a particular deposit. Once I had properly gone through the initial "pay bills" screen I had to hit the refresh button to make the "bill payment" populate so that I could properly allocate funds from the vendor credits to the corresponding deposit. BE CAREFUL. This can be easily missed as there is no way of knowing that the funds are not allocated correctly without physically going into the "bill payment" after the initial "pay bills" screen.

 

Occasionally an additional refresh is required to correct the "open" or "overdue" bills.

 

Thank you to all that helped me take care of this issue. Hopefully this explanation helps another.

2 replies

A
ATOZBOOKS
February 3, 2020

It sounds like your bank deposit was extra. You would just match the credit against the bill once when processing bill pay.

 

-Lubov

A/Z Bookkeeping

www.atozbookkeeping.us

    A
    A PUNKAuthor
    February 3, 2020

    Thank you Lubov.

     

    I new something wasn't right. I deleted all the bill pay and the deposits and then re-added the deposits once directly through the bank account. Do I need to use bill pay now to match the two or is there another way to match the transactions?

     

    Here is an updated report.

     

    J
    JamesDuanT
    February 3, 2020

    Hello A PUNK,

     

    The process you mentioned earlier is correct when recording the refunds. 

    1. Create a vendor credit.
    2. Create a bank deposit.
    3. Create a bill payment to link the two transactions (vendor credit and bank deposit).

    When you create the bank deposit, make sure you selected the correct accounts:

    1. Open the bank deposit you created earlier.
    2. Make sure you entered the correct bank account in the Account field.
    3. Select the vendor in the RECEIVED FROM column.
    4. Select Accounts Payable in the ACCOUNT field.
    5. Make sure the amount is the as the vendor credit.
    6. Click Save and close. 
    7. Select Yes to confirm the changes.

    When you create a bill payment to link the vendor credit and the bank deposit, make sure the TOTAL PAYMENT AMOUNT is zero ($0.00).

    1. Click the + New button and select Pay bills.
    2. Click the Filter button and enter the vendor name in the Payee field.
    3. Click Apply and enter the other details (Payment account, Payment date, and etc.).
    4. Mark the transaction you want to pay. The CREDIT APPLIED should be the same as the OPEN BALANCE.
    5. The PAYMENT field should be zero ($0.00).
    6. Click Save.

    This will not cause any duplicate transactions since we are only offsetting the vendor credit and the bank deposit through the bill payment.

     

    After that, the report will show you the correct information. You might also want to browse these links to know more about vendor credits: 

    Keep us posted if you require additional help.

      A
      A PUNKAuthorAnswer
      February 5, 2020

      To solve reports, after properly adding the vendor credit per the link below "enter a refund from a vendor", I had to delete the manually added deposit so that there was only the actual bank deposit added from banking matched to the vendor.

       

      After taking care of the duplicate deposit I had to go into the vendor expense table, by selecting it from the vendors tab, and made sure the blue "online banking matches" deposits were the only ones there and that the "accounts payable" was the account the deposit is linked to. 

       

      Working with multiple vendor credits and deposits at the same time made things a bit tricky by applying partial vendor credits to a particular deposit. Once I had properly gone through the initial "pay bills" screen I had to hit the refresh button to make the "bill payment" populate so that I could properly allocate funds from the vendor credits to the corresponding deposit. BE CAREFUL. This can be easily missed as there is no way of knowing that the funds are not allocated correctly without physically going into the "bill payment" after the initial "pay bills" screen.

       

      Occasionally an additional refresh is required to correct the "open" or "overdue" bills.

       

      Thank you to all that helped me take care of this issue. Hopefully this explanation helps another.

        Terms & ConditionsAccessibility statement