Settling vendor debits

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Glossary

Purchases > Recording and settling vendor debits > Settling vendor debits

Settling vendor debits

You can settle a vendor debit in one of two ways:

■	Apply the debit to an unpaid purchase. Use this method to apply the vendor debit to one or more of your unpaid purchases from the vendor, or

■	Receive a refund. Use this method to record the receipt of a refund check from the vendor.

To apply a vendor debit to an unpaid purchase

1	Go to the Purchases command centre and click Purchases Register. The Purchases Register window appears.

2	Click the Returns & Debits tab.

3	Locate and select the debit you want to apply and click Apply to Purchase. The Settle Returns & Debits window appears, listing all open purchases that you have made from the vendor.

4	Type the amount you want to apply to a purchase in the Amount Applied column.

If the Apply Bill Payments Automatically to Oldest Bill First preference is selected in the Purchases view of the Preferences window, amounts will appear next to the oldest bill in the Amount Applied column.

You can apply the debit amount to one transaction or you can split it over any of the transactions in the list. Remember that the total amount you apply in the Amount Applied column must equal the amount that appears in the Debit Amount field.

5	If you want to apply part of the vendor debit to unpaid finance charges you may have accrued, enter an amount in the Finance Charge field.

6	Click Record to apply the vendor debit.

If the transaction is unbalanced, that is, if the total amount entered in the Amount Applied column doesn’t equal the amount displayed in the Debit Amount field at the top of the window, a message appears. Click OK to close the message and then check that the amounts you have applied to the various transactions are correct.

To record a refund check

■	Recording and settling vendor debits

■	Reviewing your purchases information

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