Credits From Vendors

[kimber0405]

I purchased an item for $600 that we ended up not needing. We sent it back and received a credit for $550 (less restocking fee). Ok, when I do the credit memo, it takes the unit out of inventory but what happens to the other $50 we actually DID pay. Does it stay in my inventory GL or what? I really need to know the answer to this and the solution before year end. Any thoughts are appreciated.

[TheWolf]

Yes the remainder stays there unless you write it off to an expense account.

[kimber0405]

well that's just not right. it distorts inventory figures that way. if peachtee allows a credit that is non-matching dollar amount, it should ask where the rest of the money should go.

[TheWolf]

Then go to www.Peachtree.com and recommend this as an enhancement.

[garryvk]

The easiest way to do it if I'm corect is to apply a full amount to the inventory and the difference aply to a restocking expence account ( if you dont have one create one)
example in purchases
-1 part $600.00
1 restock fee $50.00 (to be aplied to a expense acount)
total -$550.00