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Transfer and apply credit from one vendor to another

To transfer available credits from an existing vendor to another, transfer the amount (from existing vendor) as credit to a Clearing account and debit the amount from the Clearing account to the other vendor.

Detailed Instruction

Step 1: Create a clearing account

Step 2: Create a journal entry to move the credit from existing vendor to wash or clearing account

  1. From Company menu, select Create General Journal Entries.
  2. Under Account column, select Accounts Payable, enter the amount to be transferred under Credit column and select the vendor from which the credit will be transferred from.
  3. On the second line, select the Clearing account and enter the amount under Debit column.
  4. Click Save.

Step 3: Apply the credit to the General Journal Entry created as an unpaid bill

  1. From Vendors menu, select Pay Bills.
  2. Select the bill created by the journal entry (It will appear without a due date).
  3. Click Credits, select the credit and click Done.
  4. Click Pay Selected Bills.

Step 4: Create a second General Journal Entry to move the credit from Clearing account to the vendor that will receive the credit.

  1. From Company menu, select Create General Journal Entries.
  2. Under Account column, select Accounts Payable, enter the amount to be transferred under Debit column and select the vendor that will receive the credit.
  3. On the second line, select the Clearing account and enter the amount to be transferred under Credit column.
  4. Click Save

The credit should now appear on the vendor's account and available to be applied to outstanding bills in the Pay Bills window.

KB ID# HOW21307
12/8/2016 12:01:25 PM
PPRDQSSWS404 9138 Pro 2017 8b97a7