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Introduction
Record credit from
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vendors in Quicken for situations such as returned goods or
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billing
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Quicken provides a credit form on which you can enter the credit as a separate transaction in the accounts payable register. After you enter the credit, you can apply it to your bill, thus reducing the total amount of the bill.
- Open the account that you use to track this vendor's transactions.
- Click
(the Account Actions icon), and then choose New Credit.
- In the Credit form, select or enter the vendor name at the top of the form.
- Click Assign Project/Job to display the Select Project/Job dialog box. Here you can select the project/job for which you purchased goods or services from the vendor you need to pay. If you need to create a new project/job, click New and fill out the New Project/Job dialog box. (Optional)
- In the line item area, enter the expense category and the amount of the credit.
Click Save. Quicken enters the credit in the accounts payable register, which reduces the amount you owe the vendor. The next time you make a payment to this vendor, you can select the Apply Existing Credits check box to have Quicken apply the credit to the bill.
Info title What are existing credits? Existing Credits for a customer consist of any amounts from transactions that resulted in credit to the customer, such as an overpayment or a credit memo.
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errors.
Procedure
Access Vendor Transactions:
- Open the Account for the vendor.
Initiate Credit Entry:
- Select the Account Actions icon
- Choose New Credit to open the credit form.
- Select the Account Actions icon
Complete the Credit Form:
- At the top, select or enter the Vendor Name.
- Optionally, assign the credit to a project/job:
- Choose Assign Project/Job.
- In Select Project/Job, pick or add the project/job.
- In the line items, enter the Expense Category and Credit Amount.
Save the Transaction:
- Select Save. This records the credit, reducing the amount owed.
Apply Existing Credits: When paying this vendor next, select Apply Existing Credits to reduce the bill.
Existing Credits: These are amounts credited from transactions like overpayments or credit memos.
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