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  #1  
Old 03-08-2011, 01:01 PM
gregr01 gregr01 is offline
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vendor credity by CC and exceeds amount of bills to be paid by that vendor

I all my purchases for merchandise for sale via PO, and pay with my credit card.

In November, a vendor over charged my CC, I paid it and they issued a refund to my credit card in January.

Now it comes time to "pay CC bills," which I do against my monthly CC statement.

I need to include the entire amount the vendor refunded to my CC, but the bills from this vendor are less than the amount they credited.

If I create a Vendor Credit (Vendor>>Enter Bills>>credit) I can only apply the credit up to the amount of bills I have to pay from that vendor.

If I create a credit for the vendor's refund (Banking>>Credit Card charges>>credit) the credit doesn't appear while "paying bills," and my bills to be paid total is too much, by the amount of the credit.

So here's the issue: How do I apply the Vendor's credit to my CC and end up with a payment to my CC (by check, from my bank) that is the same amount as what's reflected on my CC statement?

How do I get the credit to show up in credits when "paying bills," or is there another method that will get me to the same place (able to write a check for the amount of my CC statement)?

Thanks in advance!
~Greg
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  #2  
Old 03-09-2011, 08:59 AM
BertMulderCGA BertMulderCGA is offline
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You enter the credit from your vendor to your credit card, by allocating it to accounts payable/including the name of the vendor.

That way it will be included in your accounts payable history with that vendor, to be properly allocated when you apply the overpayment to this credit.
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  #3  
Old 03-09-2011, 09:47 AM
cojhl2 cojhl2 is offline
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Quote:
Originally Posted by gregr01 View Post
I all my purchases for merchandise for sale via PO, and pay with my credit card.

In November, a vendor over charged my CC, I paid it and they issued a refund to my credit card in January.

Now it comes time to "pay CC bills," which I do against my monthly CC statement.

I need to include the entire amount the vendor refunded to my CC, but the bills from this vendor are less than the amount they credited.

If I create a Vendor Credit (Vendor>>Enter Bills>>credit) I can only apply the credit up to the amount of bills I have to pay from that vendor.

If I create a credit for the vendor's refund (Banking>>Credit Card charges>>credit) the credit doesn't appear while "paying bills," and my bills to be paid total is too much, by the amount of the credit.

The credit should be issued against the CC account then your CC recon will match the statement. Isn't your CC a seperate COA line item?

So here's the issue: How do I apply the Vendor's credit to my CC and end up with a payment to my CC (by check, from my bank) that is the same amount as what's reflected on my CC statement?

How do I get the credit to show up in credits when "paying bills," or is there another method that will get me to the same place (able to write a check for the amount of my CC statement)?

Thanks in advance!
~Greg
COA should have a line item and the credit originally issued against that line item.
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Old 03-09-2011, 03:10 PM
Joe Williams Joe Williams is offline
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Not sure if you have fixed your problem your, so.
Please create an account for each type of credit card you use in your business using the type Credit Card. Then you enter all of the charges as Credit Card Charge. and i=then you pay them with a check that uses that CC account as the account. You can also enter Credit Card as a Credit from them.
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Old 03-10-2011, 05:36 PM
gregr01 gregr01 is offline
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Hmm, thanks to all for your quick replies, but none are getting to what I'm after.

Let's address this a different way and see if I can figure it out.

I have a vendor credit in the form of a credit card refund.

I have bills from this vendor.

When I go to pay bills, I check off the bills from this vendor, apply the vendor credit (assumes I applied the above credit through Vendor>>Enter Bills>>credit).

But, the vendor's credit is an amount greater than the vendor's outstanding bills, so the full amount of the vendor's credit isn't being applied.

How do I get that "remaining" balance of the vendor's credit applied to reduce the amount of my payment (via bank check) to my credit card company, so the check equals the total of my credit card statement?

I have the credit card set up as a CoA (chart of accounts) line item.

Thanks in advance!!
~ Greg
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Old 03-10-2011, 10:54 PM
cojhl2 cojhl2 is offline
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OK we are talking in parallel here.

is your system set up thusly?

Buy something from a vendor and use CC to pay. This means that you will charge the CC account and offset with an expense account.

Later on the Vendor give you a credit (I assume against the CC you used to pay the original purchase) Enter it as a credit to the CC and offset against the original expense you used for the charge.

By this time the Vendor is completely out of the pic, the only issue you have now is with the CC account.

Reconcile the CC account against the statement you get from the CC company. At this point the Credit from the vendor shows up and the balances take care of themselves.

Am I not on the right track? This must not be the way you are doing this??
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  #7  
Old 03-10-2011, 10:59 PM
cojhl2 cojhl2 is offline
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The only other issue may be one I had a prob with once. I developed a credit balance on a CC account. I was going to let it ride but after a month or two they cut a check. That baffled me because when I trid to deposit the check it caused an additional charge on the CC.

Could this be your question problem/question? Or at least related?
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  #8  
Old 03-14-2011, 06:47 PM
gregr01 gregr01 is offline
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Got it figured out, thanks for all the assistance.

I was trying to get the CC statement to reconcile with bills, but that was the wrong step/place.

I did the reconcile at the point of paying the CC statement by check; there I accounted for the original CC statement amount (amount of bills) and offset that with the vendor refund (entered as a CC refund) and all was well.

Thanks again!
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