Refunds from Phone company and other

[mdminear]

when you get a check from Phone company or vendor for a CREDIT, how do you enter so it goes into your bank as a deposit and doesn't mess everything else up??

thanks

[Lorin Browning]

Debit to Cash: Checking Account and credit to Utilities: Telephone Expense.

[dringstrom]

Choose Tasks, Receipts, fill in the Name field (not the Customer ID field!), then select a corresponding expense account (instead of an income account).

[jquest]

David

I've got a refund check from a vendor (no associated PO with this check) and would like to deposit and later reconcile it.

I tried to follow your advice for the same problem, but I do not see a place to select a corresponding expense account. "Income" is grayed out and it looks as if it cannot be changed.

I noticed that when "Customer ID" is selected, I can input a name, and when "Vendor ID" is selected I cannot. I think that when "Customer ID" is selected and I put in a name next to "Name:", it assumes that this is a non-typical customer and therefore assumes that the money is income.

Perhaps I am missing where it is I should be selecting the corresponding expense account.


Thanks
john

[jquest]

Just found why I was having trouble. Under: Options-Global, I had a check under "Hide General Ledger Accounts" for "Accounts Receivable" which includes receipts.

Now, when I put a name in (without selecting Customer or Vendor) I can access the G/L account I want to apply the receipt to.

I'm assuming I put in a positive number for this expense account since PT knows that this is a receipt.

John

[dringstrom]

John,

You're on the right track...choose the expense account of your choice in the Income Account field in the Receipts screen. Peachtree will post a credit, or negative number, to the expense account you choose, and a debit, or positive number to cash. That option you changed under Options and Global for displaying the account number trips a lot of folks up.

Be sure not to choose a Vendor ID from the Receipts screen, otherwise Peachtree will setup a payable. Just click in the Name field and record who the deposit is from.

David

[awisnia]

Or, for a different audit trail....that keeps it on the vendor's ledger in case 3 months from now you forget, and want to make sure that you got the refund.....

Enter a credit memo from the vendor (negative purchase) in Tasks Purchase/Receive (EXP/AP)

Deposit the check in Tasks Receipts (AP/CASH)

Wash the two in Tasks Payments (AP/AP)

GOOD LUCK!

Adam

[jquest]

John,

You're on the right track...choose the expense account of your choice in the Income Account field in the Receipts screen. Peachtree will post a credit, or negative number, to the expense account you choose, and a debit, or positive number to cash. That option you changed under Options and Global for displaying the account number trips a lot of folks up.

Be sure not to choose a Vendor ID from the Receipts screen, otherwise Peachtree will setup a payable. Just click in the Name field and record who the deposit is from.

David


__________________
David H. Ringstrom, CPA
Accounting Advisors, Inc.
www.acctadv.com
404-784-0275


Thanks David,
I had already selected the vendor before I read your reply and discovered the payable that PT had created. I undid the transaction and entered the name w/o selecting vendor and it worked perfectly.

Much Thanks!
John

[cgill]

"Be sure not to choose a Vendor ID from the Receipts screen, otherwise Peachtree will setup a payable. Just click in the Name field and record who the deposit is from. "

I did it the wrong way back in March and didn't catch it till now. Is there a way I can correct my A/P aging with out redoing the transaction by unposting March?

[dringstrom]

Choose Tasks, Payments, and select the vendor ID in question. Change the cash account to be the expense account that the transaction was posted to. Click the invoice in question off as if you're paying it, and then click Save (or Post). Remember to change your cash account back to your bank account.

This will remove the item from the aging and post a transaction that nets out to zero.