GP Quick Tip
Payables Returns Transactions
Have you ever overpaid an invoice where the vendor refunds you? Do you want to decrease your purchase amount against the vendor, but you don’t want to post a credit memo in payables and then post a separate increase bank transaction? Woudn’t you rather have these transactions posted together under the vendor? Here is a quick tip of the oft-overlooked Return document type. Credit to Anna Koplik of Freedom Concepts for the suggestion.
- Go to Purchasing Area >> Transactions >> Transaction Entry.
- Select “Return” from the Document Type drop-down.
- Select the Vendor ID of the vendor who sent you the refund.
- Enter a document number.
- Enter the refund amount in Returns field.
- Enter the refund amount in field corresponding the method of payment. In our example, we received a cheque.
7. When you tab off the Cheque field, you will be prompted to select the Chequebook ID and enter the vendor’s cheque number. Enter the payment date and then click OK.
8. Click the Distributions button to make sure the transaction will post to the correct GL accounts. Click OK.
9. Save the transaction to a batch and then post. After you’ve posted, the transaction is moved immediately to history since it is fully applied and there will be a cheque in Bank Deposit Entry (Financials Area >> Transactions >> Bank Deposits) for posting.