Hello my QuickBooks Online fans. I made this QuickBooks help video to show how to how to record receiving a credit memo from a vendor for a previously entered bill. In some ways, it’s similar to the desktop version in that you can only apply the vendor credit at the moment you pay the bill. You will also see the credit in the unpaid bills report before you choose which vendor’s bill to apply it to. The only difference in QBO, is that when you apply the amount of the credit, in the amount field, it will show the total credits and not show the individual vendor credit memo’s to choose from. If you apply a different amount o a bill, QuickBooks online will reduce each remaining vendor credit memo in a proportional amount. I’m here if you have any questions. You can ask them right here. I hope you “like” it and if it helps you, I hope you will subscribe. -Mark
Thank you so much for your clear explanation. But it’s correct to apply the credit memo for open bill nr. 8282? Because at the beginning was told about nr. 8484? The nr. 8484 belong to another vendor. Or I miss understood something?
Thank you Veronica, If you are following the playlist in order and wish to keep your numbers the same as mine, then input the way it's shown. Sometimes making the video is difficult and I may have spoken the wrong number. -Mark
Question: Can't I just go to the original vender expense split the transaction and add a negative for the same amount on the next row and zero out the expense? Its kind of like the expense never happened
Thank you but this way is the correct way and I don't think you should do it that way I don't think you're record should reflect that the expense never happened Charging the expense and then getting a credit or 2 separate events that.you really need to have records of because something could happen regarding either of those events that you might need to prove in the future. Any shortcut or fancy way of doing something Will Omit. information that might be important in the future. Thank you for asking and I hope you will click like after watching each one to support the free help and please subscribe Mark.
@@worldwidequickbooks i mean do i first write cheque 300 to the supplier from my bank. Posting it to expense account? I am a contractor so i use expense
Hi, this is regarding the vendor credit applied payment for 8181 for $100..mine doesn't use a proportion on the open balances. Your response is highly appreciated. Thank You
They always change the options in the account settings window to apply the credit automatically or apply it differently so look in the account settings window to see if quick books online change your account settings settings regarding applying credit memos automatically Mark
For my small business I just enter expenses and payments I get from customers as I get them, and don't put in bills. Is there a way to apply credits/refunds directly to my accounts without going through a bill?
Yes you can just use this method... ruclips.net/video/tbjA_jQEJmk/видео.html That's part of the advanced playlist. Here is the first foundation playlist you should watch in order to fill in the gaps of your quickbooks knowledge. ruclips.net/video/0tBKo7Bb9Bk/видео.html I'm here if you have any other questions. -Mark
Thank you for asking You can go ahead and make A credit memo For that particular vendor and then In the credit memo comma put the cost of good sold account that Is associated with the item that now has the reduced cost that you are now getting the credit for so do not put an item on the credit memo.Put the cost of good sold account that the item is associated with and just make a normal credit memo and that will make your accounting records correct I hope you will click like after each to help support the free channel forever one and please subscribe and Stay in touch because I can help you with everything else on quick books.I promise Mark
Look on the open invoice report. If there's any credits on applied, they should clearly show up there Then you can just click on them and delete them Mark
Thank You Briteny, Number 24 in this playlist will show you how to "re-apply" bill payments and vendor credits to a different bill. ruclips.net/video/ivkdN8bMgCQ/видео.html You should chekc the whole vendor section of the playlist by looking at the names of each video chapter in the playlist. I hope you will clcik "like" on each one and subscribe. -Mark
As of 9/20/2022, the credits are not taken proportionally from each vendor credit. Quickbooks chose the first Vendor credit of $200 and subtracted $100 from it.
Hello my QuickBooks Online fans. I made this QuickBooks help video to show how to how to record receiving a credit memo from a vendor for a previously entered bill. In some ways, it’s similar to the desktop version in that you can only apply the vendor credit at the moment you pay the bill. You will also see the credit in the unpaid bills report before you choose which vendor’s bill to apply it to. The only difference in QBO, is that when you apply the amount of the credit, in the amount field, it will show the total credits and not show the individual vendor credit memo’s to choose from. If you apply a different amount o a bill, QuickBooks online will reduce each remaining vendor credit memo in a proportional amount.
I’m here if you have any questions. You can ask them right here.
I hope you “like” it and if it helps you, I hope you will subscribe.
-Mark
Thank you so much for your clear explanation. But it’s correct to apply the credit memo for open bill nr. 8282? Because at the beginning was told about nr. 8484? The nr. 8484 belong to another vendor. Or I miss understood something?
Thank you Veronica,
If you are following the playlist in order and wish to keep your numbers the same as mine, then input the way it's shown. Sometimes making the video is difficult and I may have spoken the wrong number.
-Mark
Question: Can't I just go to the original vender expense split the transaction and add a negative for the same amount on the next row and zero out the expense? Its kind of like the expense never happened
Thank you but this way is the correct way and I don't think you should do it that way
I don't think you're record should reflect that the expense never happened
Charging the expense and then getting a credit or 2 separate events that.you really need to have records of because something could happen regarding either of those events that you might need to prove in the future.
Any shortcut or fancy way of doing something Will Omit. information that might be important in the future.
Thank you for asking and I hope you will click like after watching each one to support the free help and please subscribe
Mark.
hello mark, what about if the supplier initially owes me cash 300 for the supplier credit
That's just another credit like any other. Just make the first bill and then apply the 300 credit like the video shows
@@worldwidequickbooks i mean do i first write cheque 300 to the supplier from my bank. Posting it to expense account? I am a contractor so i use expense
@@joietan7983 no you would decrease your checking account, do you want to do that?
Hi, this is regarding the vendor credit applied payment for 8181 for $100..mine doesn't use a proportion on the open balances. Your response is highly appreciated. Thank You
They always change the options in the account settings window to apply the credit automatically or apply it differently so look in the account settings window to see if quick books online change your account settings settings regarding applying credit memos automatically
Mark
For my small business I just enter expenses and payments I get from customers as I get them, and don't put in bills. Is there a way to apply credits/refunds directly to my accounts without going through a bill?
Yes you can just use this method...
ruclips.net/video/tbjA_jQEJmk/видео.html
That's part of the advanced playlist.
Here is the first foundation playlist you should watch in order to fill in the gaps of your quickbooks knowledge.
ruclips.net/video/0tBKo7Bb9Bk/видео.html
I'm here if you have any other questions.
-Mark
How do you create a VENDOR CREDIT for INVENTORY PRICE ADJUSTMENT to be applied to future inventory purchase???
Thank you for asking
You can go ahead and make A credit memo For that particular vendor and then In the credit memo comma put the cost of good sold account that Is associated with the item that now has the reduced cost that you are now getting the credit for so do not put an item on the credit memo.Put the cost of good sold account that the item is associated with and just make a normal credit memo and that will make your accounting records correct
I hope you will click like after each to help support the free channel forever one and please subscribe and Stay in touch because I can help you with everything else on quick books.I promise
Mark
@@worldwidequickbooks Do you mean "vendor credit" instead of "credit memo"? This particular vendor is not a customer.
Also, when I try it as a vendor credit, it says it can't apply the credit when I create an expense because "there isn't an open bill for this vendor".
I need help on how to delete unapplied CM. I created it twice, thanks
Look on the open invoice report. If there's any credits on applied, they should clearly show up there
Then you can just click on them and delete them
Mark
@@worldwidequickbooks Hi Mark, I didn't see delete option only void, so I think I need to select void instead
So I have a credit memo for a specific invoice. However I need to apply the credit to a DIFFERENT invoice. How do I do that?!
Thank You Briteny,
Number 24 in this playlist will show you how to "re-apply" bill payments and vendor credits to a different bill.
ruclips.net/video/ivkdN8bMgCQ/видео.html
You should chekc the whole vendor section of the playlist by looking at the names of each video chapter in the playlist.
I hope you will clcik "like" on each one and subscribe.
-Mark
As of 9/20/2022, the credits are not taken proportionally from each vendor credit. Quickbooks chose the first Vendor credit of $200 and subtracted $100 from it.
You can change that option in the account settings window