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Re: Returning a PRODUCT-NOT A SUPPLY for CREDIT

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August 22, 2011 09:28AM
Sam,

You have got the grasp for using the Other Asset account, however you do not enter a neg. amount when using Record Payments/Purchases. The Asset account should carry a debit balance (neg. would be a credit balance). The negative amount would post to the Expense account (not supply) that was used with the original payable, such as repair expense. This will create a zero total purchase. Here are the steps to follow:

1. Go to the Accounting-Payments & Purchases-Record Payment/Purchase.
2. Select Vendor-date and description.
3. Click onto the Other Expense button. Enter a neg. dollar amount for this return. Highlight the correct expense account that was used when recording the original payable. Allocation is optional. Click OK.
4. Click on the Other Asset button. Select drop down list or select New and type description for this Vendor Credit. Enter a positive dollar amount matching the expense return. It depends on when you want this credit used to post to the Cash Books, whether to use the Offsetting account. Click OK.
5. Total Purchase will be zero. Record and Done.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Returning a PRODUCT-NOT A SUPPLY for CREDIT

farmer319August 21, 2011 09:14PM

Re: Returning a PRODUCT-NOT A SUPPLY for CREDIT

KathyClineAugust 22, 2011 09:28AM



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