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Richard, Financial Specialist
Category: Financial Software
Satisfied Customers: 36053
Experience:  IT professional, resolving issues with financial programs.
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Hey Rich! Thanks again for the help with the previous question.

Customer Question

Hey Rich! Thanks again for the help with the previous question. I've got another one for you. We're changing the way our accounting has been done, hopefully for the better, so there probably be several sessions here with you. Anyway, here's my question!

Our company has a vendor that sells us parts and tanks. We get an invoice from them for each purchase, but we don't pay them until they send us a statement, at the end of each month. Every invoice gets put into QuickBooks with each line item represented properly. If we return an item, or the vendor has accidentally overcharged us, a credit memo will be issued, which also gets entered into QuickBooks.

When we go to write the check out at the end of the month, we want to apply it to all of the outstanding invoices. The problem is, since the credit memos were issued before the statement arrived, the total we owe the vendor is different than what all of the invoices would be added up. When we write the check out, it's for the lesser amount. If we write that amount in Quickbooks, it doesn't allow us to select all of the applicable invoices because it doesn't balance.

What is the best way for me to track this credit from the vendor that is for money they haven't actually been paid, while keeping our Quickbooks records identical to the paper records we receive, and the check we write?
Submitted: 4 years ago.
Category: Financial Software
Expert:  Richard replied 4 years ago.
Thanks for your Question. My name is Richard and I look forward to assisting you.

Are you able to hold off on processing the credit memos until the statements come in?

Do you have a necessity to process these immediately?

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