Occasionally Goods Purchased from a Vendor need to be returned (wrong item, faulty product, etc.) and so a Vendor Credit needs to be created. This Credit can then be applied to future Bills from that Vendor or it can be refunded.
Here are the Vendor Credit statuses:
- Open: These are Vendor Credits that are neither applied nor refunded.
- Partially Applied: These Vendor Credits have some amount applied to a Bill and may have some refunded.
- Partially Refunded: These Vendor Credits have some amount refunded and none applied to a bill.
- Applied: These Vendor Credits have been fully applied to a Bill.
- Refunded: These Vendor Credits have been fully refunded.
The Vendor Credit Module
Vendor Credit Header
- Select Store: Select the store from where you want to return the item from.
- Select Vendor: Select the vendor. Click for more details on the selected vendor.
- Select Account: Select the accounts payable.
- Ref No: Enter a reference number if required, this is typically the vendor’s credit number.
- Date: The date of the vendor credit.
- Total Credit: The total credit amount of the vendor credit.
- Credit Used: The amount of credit used from the total credit.
- Project/Class: Select a project or class to associate this vendor credit with.
Vendor Credit Details – Items
- Item Type: Choose the item type of the item that you are adding.
- Item Number: Choose the item number of the item that you are adding.
- Qty: Enter the quantity of the item that you are adding.
- Tax: Select the tax code of the item you are adding.
- Rate: Enter the Rate of the item you are adding.
- Project/Class: Select a project or class to associate this item line with..
The descriptions below refer to the column headings of the items:
- Item#: The item number.
- Item Type: The item’s type.
- Description: An item’s description.
- Unit Cost: An item’s unit price that can be edited by clicking on it.
- Qty: An item’s quantity that can be edited by clicking on it.
- UOM: The unit of measure (UOM) of the item.
- Tax: The item’s tax code.
- Amount: Unit Cost * Qty
Vendor Credit Details – Expense
- Account: Select an account for adding an expense line.
- Tax: Select a tax code for adding an expense line.
- Amount: Enter an amount here for adding an expense line.
- Project/Class: Select a project or class to associate this expense line with.
- Memo: Enter a memo here if required for adding an expense line.
- Add: Click this button to add the expense line.
- Memo: A memo for the vendor credit can be written here.
- Exchange Rate: If the credit is for a foreign vendor, the exchange rate can be edited here.
Vendor Credit Details – Tax Adjustments
- Tax Adjustment Item: Select the Tax Item from the dropdown.
- Adjustment Amount: Enter the Adjustment Amount.
- Memo: A Memo if required.