Reverse Vendor Bill Credits which are in a Closed Period
Published on
February 14, 2024 at 10:17:10 PM PST February 14, 2024 at 10:17:10 PM PSTth, February 14, 2024 at 10:17:10 PM PST
Scenario
There are VendorBill Creditsthat were posted erroneously and were not discovered until theperiodis closed. In this case, a user may want to reverse theseBill Credits.
Solution
Below are the suggested steps on how to Reverse VendorBill Creditswhich are in a closed period:
A. Create aJournal Entryto reverse the GL Impact of theBill Credit
Navigate toTransactions>Financial>Make Journal Entries
Debit the Account Credited in theBill Credit
Credit theAccounts Payableaccount in theBill Credit
In theAccounts Payableline, enter the name of theVendorunder theNamecolumn
Make sure that the amount is equal to that of theBill Credit
ClickSave
B. Apply theJournal Entryto theBill Credit
Navigate toTransactions>Payables>Pay Single Vendor
Enter theVendoras thePayee
Make sure that theA/P Accountis similar to that of theBill Credit
Check theApplycheckbox for theBill Creditand theJournal Entry
Make sure that theAmountin the header lines is0.00
ClickSave