How do I enter credit from a vendor?
Sometimes you receive credit from a vendor for returned goods or to compensate for a billing error. To record this type of transaction, enter a credit.
Quicken provides a credit form on which you can enter the credit as a separate transaction in the accounts payable register. After you enter the credit, you can apply it to your bill, thus reducing the total amount of the bill.
- Open the account that you use to track this vendor's transactions.
- Click the Account Actions gear icon in the upper right, and then choose New Credit.
- In the Credit form, select or enter the vendor name at the top of the form.
- Click Assign Project/Job to display the Select Project/Job dialog box. Here you can select the project/job for which you purchased goods or services from the vendor you need to pay. If you need to create a new project/job, click New and fill out the New Project/Job dialog box. (Optional)
- In the line item area, enter the expense category and the amount of the credit.
- Click Save. Quicken enters the credit in the accounts payable register, which reduces the amount you owe the vendor. The next time you make a payment to this vendor, you can select the Apply Existing Credits check box to have Quicken apply the credit to the bill.
What are existing credits?
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