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Re: Returned Supplies

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John,
When you return supplies, you'll enter negatives in the Supply Purchase box to show the supplies coming out of inventory. If the return relates to something other than supplies (such as maintenance) you can go to the appropriate Purchase Option (such as Other Expenses) and apply the negative to the correct account.

If the credit relates to an incorrect billing, where a supply was originally billed for the wrong amount, use the Supply purchase and enter the original figures as negatives and then turn around and use the Supply Purchase option and enter the purchase for a positive amount for the correct amount.

In any of these cases you have entered negatives in Supply Purchase or Expenses, to make the transaction balance you can go to Payable Payment and select an outstanding invoice and enter the amount of the return as a positive payment. The result will be that the amount owed to the co-op will be reduced by the amount of the return.

One problem that can happen with this is if you don't have any outstanding invoices to apply the credit to. In this case instead of using the Payable Payment Purchase Option, I would use the Other Asset Purchase Option and apply the amount to a Prepay Account. You can then use this prepay account to pay for future purchases.

In the future the prepaids and payables will be tied in together to make this whole transaction much simpler.

I hope this helps! Please let me know if you have any more questions.

R. Scott Nusbaum CPA
Farm Works Software
SubjectAuthorPosted

Returned Supplies

John March 27, 1997 12:00AM

Re: Returned Supplies

R. Scott Nusbaum - Farm Works Software March 28, 1997 12:00AM



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