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Purchases > Recording and settling supplier debits
Recording and settling supplier debits
A supplier debit is money that a supplier owes you.
To process a supplier debit, you first need to record a debit transaction and then record the settlement of the debit (for example, by recording a refund cheque from your supplier).
Recording supplier debits
You can create a supplier debit in one of two ways:
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Reverse a purchase. Use this method if you have paid for the entire purchase.
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Manually create a debit. Use this method if you have been debited for part of a purchase.
To reverse an existing purchase
Your company file transactions must be set to unchangeable before you can reverse a purchase; that is, the Transactions CAN’T be Changed; They Must be Reversed option must be selected in the Security tab of the Preferences window.
1
Find and display the purchase. See ‘Finding a transaction’.
2
Go to the Edit menu and choose Reverse Purchase. A supplier debit appears in the Purchases window.
3
If you want, you can make some changes to the supplier debit (such as changes to the date and memo), but you can’t change the accounts, amounts and quantities that are associated with the debit.
4
Click Record Reversal. A supplier debit appears in the Purchases Register window.
To manually create a debit for a non-item purchase
tip : Tracking purchase returns and allowances
Before you create a supplier debit for the first time, you may want to create an account for tracking purchase returns and allowances. Make sure this account is an expense account. See ‘Easy setup assistant’.
1
Go to the Purchases command centre and click Enter Purchases. The Purchases window appears.
2
In the Supplier field, type the supplier’s name or select it from the list.
3
Select Bill from the list in the top left corner of the window.
4
Click Layout and select Miscellaneous.
5
In the Description field, type the reason for the supplier debit.
6
In the Acct # field, type the account number to be debited or select it from the list. This is normally an expense account called Purchases Returns.
7
In the Amount field, type the amount of the debit as a negative amount.
8
Click Record. A supplier debit appears in the Purchases Register window.
To manually create a debit for an item purchase
1
Go to the Purchases command centre and click Enter Purchases. The Purchases window appears.
2
In the Supplier field, type or select the supplier’s card.
3
Select Bill from the list in the top left corner of the window.
4
Click Layout, select Item and click OK.
5
In the Bill field, type the quantity of the item you are returning as a negative number.
6
In the Item Number field, type the item number or select it from the list. The cost of the item is displayed as negative amount in the Total field.
7
Click Record. A supplier debit appears in the Purchases Register window.
Related Topics
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Settling supplier debits
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