Vendor Credit in QuickBooks POS Towards a Voucher

Sometimes, as it happens in business, that as a business owner, you may want to return some merchandise goods due to standard of quality, defect, or any other issue. The returned goods are recorded in the same way in QuickBooks as goods received; you will just have to enter the negative quantity for the goods returned to the vendor. Let’s start with Vendor Credit in QuickBooks POS.

Also, you will have to create the return voucher in QuickBooks POS and apply it to the vendor credit in QuickBooks financial software it is not done automatically.

Creation of  Vendor Credit in QuickBooks POS as Return Voucher

You can manually create the return voucher in QuickBooks POS or you can also copy the original voucher and make it a return voucher:

1. First of all, open the QuickBooks Point of Sale desktop on your system and click on Receiving History from the Home Page.
2. Now Click on the Vendor and order that you would like to return.
3. In this step, you need to click on the “I want to” drop-down menu and choose the “Return to Vendor” option.
4. Now adjust the original received cost as required also enter the negative quantities for recording the return. You can do so by clicking the return item option for each item you wish to return.
5. In the last step, you have to click on the Save option, this will save the return voucher with all the information you entered in the earlier steps.

The saving of the return voucher will lead to the update in Purchase order status for receiving quantity, pending payment, etc in QuickBooks POS. The updates will also be added to your receiving history.

The above process will not lead to the automatic application of vendor credit against the Bill in QuickBooks financial software. For this, you will have to follow some additional steps.

Application of Vendor Credit in QuickBooks Financials

1. At the initial step, you should click on Plus (+) sign in QuickBooks, and after that click on Check.
2. Now in Step 2, go and select the Vendor that you wish to apply for vendor credit against.
3. Now “Under the Check” section add the Bill and Vendor credit details.
4. Lastly, click on Save and Close to finish the process.

How to find and understand Voucher details after a financial exchange between QuickBooks POS and QuickBooks desktop

For your ease of understanding purposes, detailing here the 3 types of voucher transactions which you can see in QuickBooks Desktop after a financial exchange:

• Item receipt: It details the list of received items, kind of like purchase orders in POS. In QuickBooks, you should open the item receipts > click on Bills received check Box > and the item receipt will be converted to the Bill available to pay.
• Bill: A voucher in POS is equivalent to Bill in QuickBooks desktop. Both will affect account payable and Vendor balances.
• Journal Entry: Journal entry for receipt of goods, the return of goods, payment of bills, etc.

Hope you must have got the expected clarity over the process of  Vendor Credit in QuickBooks POS, but don’t be shy to chat with our experts for any type of assistance.