Reverse Vendor Bill Credits which are in a Closed Period

Written by
Joyce Anne Simpao
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

  1. Navigate toTransactions>Financial>Make Journal Entries

  2. Debit the Account Credited in theBill Credit

  3. Credit theAccounts Payableaccount in theBill Credit

  4. In theAccounts Payableline, enter the name of theVendorunder theNamecolumn

  5. Make sure that the amount is equal to that of theBill Credit

  6. ClickSave

B. Apply theJournal Entryto theBill Credit

  1. Navigate toTransactions>Payables>Pay Single Vendor

  2. Enter theVendoras thePayee

  3. Make sure that theA/P Accountis similar to that of theBill Credit

  4. Check theApplycheckbox for theBill Creditand theJournal Entry

  5. Make sure that theAmountin the header lines is0.00

  6. ClickSave