To enter a credit memo from a vendor, follow the steps for creating a regular check invoice, with the following exceptions:
· Type a negative number in the Amount column on the Header tab.
· On the Detail tab, enter the detail rows crediting the expense account that was originally debited. This results in a debit to the A/P account that was originally credited and a credit to the General Ledger expense account that was originally debited.
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If you had a shipment from a vendor and the items were not satisfactory, you may get a credit memo from the vendor. If the items were originally debited to the Office Supplies Expense account, you should issue the credit memo invoice crediting the same account. |
