A vendor debit is money that a vendor owes you.
To process a vendor debit, you first need to record a debit transaction and then record the settlement of the debit (for example, by recording a refund cheque from your vendor).
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Reverse an existing purchase. Use this method if you have been debited for the entire purchase.
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Manually create a debit. Use this method if you have been debited for part of a purchase.
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Your company file transactions must be set to unchangeable before you can reverse a purchase; that is, the Transactions CAN’T be Changed; They Must be Reversed option must be selected in the Security tab of the Preferences window.
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If you want, you can make some changes to the vendor debit (such as changes to the date and memo), but you can’t change the accounts, amounts, and quantities that are associated with the debit.
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Before you create a vendor debit for the first time, you may want to create an account for tracking purchase returns and allowances, if one does not already exist in your Accounts List. Make sure this account is an expense account. See ‘Set up accounts’.
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In the Vendor field, type or select the vendor’s name.
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Select Bill from the list in the top left corner of the window.
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In the Description field, type the reason for the vendor debit.
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In the Acct# field, type or select the account to be debited. This is the account you use for purchase returns.
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In the Amount field, type the amount of the debit as a negative amount.
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In the Vendor field, type or select the vendor’s name.
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Select Bill from the list in the top left of the window.
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In the Bill field, type the quantity of the item you are returning as a negative number.
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In the Item Number field, type the item number or select it from the list. The cost of the item is displayed as negative amount in the Total field.
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