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VENDREF

 

Recording a Refund from a Vendor

 

If you have returns to vendor or have a credit

invoice for other reasons you might receive a

check refund instead of keeping the credit open

to apply to future payables.

 

 

1) Edit the negative payable from 5,1,C and change the Amount

 Paid to the same negative number to make it's balance zero

 

 [this is a one sided entry decreasing your payables]

 

 

2) Deposit the check to the right bank account and code it against

 the payables liability account - by default account 202.

 Ignore the warning that account 202 won't be updated.

 

 [because the accounts payable liabilities account is a 'protected'

 account this deposit won't actually affect that account so this

 deposit is also effectively a one-sided entry offsetting the manual

 adjustment of the payable.]