Vendor Debits Overview

Creating vendor debits
Applying vendor debits and receiving refund checks from vendors
Finding, removing and reversing vendor debits

In MYOB Accounting Plus, a vendor debit is a transaction that indicates a vendor owes your company money. You can create a vendor debit in several ways.

You can choose from two ways of settling a vendor debit:

  • By applying the vendor debit to one or more of your unpaid purchases with the vendor
  • By indicating that you received a refund check from the vendor for the amount of the vendor debit

Creating vendor debits

Vendor debits can be created in several ways. Refer to the topics below for each of the techniques you can use for creating a vendor debit. If none of the other procedures is appropriate, use the procedure titled To create a vendor debit for no specific reason.

When you’re creating a vendor debit for the first time, you may have to create an account designated for tracking returns and allowances using the Accounts List window and Edit Accounts windows in the General Ledger Command Center. Be sure the new account is an expense account. See Creating accounts for more information.

Applying vendor debits and receiving refund checks from vendors

Accounting Plus allows you to apply the vendor debit to one or more of your open bills and orders with the vendor or indicate that you’ve received a refund check from the vendor for the amount of the vendor debit.

Finding, removing and reversing vendor debits

There may be times when you want to view a vendor debit before or after you’ve applied it or received a refund check for it. Accounting Plus allows you to easily find the vendor debits you’ve entered into the system.

Note: You can still use the Inquiry Register to find vendor debits You may want to use the Inquiry Register if you’re searching for specific vendor debit. There are more detailed search methods available to you in the Inquiry Register than in the Purchases Register.

There also may be times when you want to remove or reverse (“unapply”) a vendor debit that you mistakenly applied to a purchase, or when you want to remove a refund check you received from a vendor. When this is the case, you can quickly remove the effects of such a transaction from your records. An important point to consider is whether the vendor debit is changeable or unchangeable. If the transaction is changeable, you can make changes or remove the vendor debit altogether from your ledger.

Unchangeable transactions work differently. By reversing an unchangeable vendor debit, the effects of the original will no longer be part of your ledger; however, a record of the reversed vendor debit, called a reversing transaction, will remain. Then, if you want, you can enter a new, correct transaction to replace the transaction you reversed. See What are changeable and unchangeable transactions? for more information.

If you notice a problem with a vendor debit you’ve already settled, you can’t simply change the debit. You’ll need to first unapply the debit -- remove (or reverse) the refund check, then re-apply the debit or record a new check.

Vendor Debits Overview