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Old 06-19-2006, 01:58 PM
mgrcb mgrcb is offline
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Join Date: Jun 2006
Location: new york
Posts: 1
how to apply a vendor credit to an invoice

Here's my dilema, I have just taken over the accounting for my company recently. (We are a sales and service repair shop) Our company does warranty repairs on products that the vendor distributes. We purchase the repair parts from the vendor, repair the item, return the item back to the customer, and then we submit a claim to the vendor for reimbursment. We do not receive a check but what we do receive is a credit memo. We use this credit memo at the end of the month and it gets applied to our account.

I need to know just how to bill the repair, how to receive the credit memo so it shows up on the "pay bills" "set credits".

Right now the company is billing the repair under invoices, but was never going in to receive payments and there for i have a big mess. Hopefully you understand my problem and can help!!

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Old 06-19-2006, 08:54 PM
Joe Williams Joe Williams is offline
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Join Date: Jan 2006
Location: Oklahoma
Posts: 9,380
You should probbaly create an invoice cor the customer for Zero amount showing what repair was done.
When the Vendor gived you a Credit Memo, enter it as a Bill-Credit using the expense account you used when you purchased the parts and on the Pay Bill scren, select the bill and apply the credit.
Joe Williams
Piedmont, Ok
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