How to maintain a vendor credit memo in Peachtree

How to maintain a vendor credit memo in Peachtree

We use the Vendor credit memo to enter credit memos for returns to and credits from a vendor. We can enter a credit memo as an open credit or we can apply it to an existing invoice.

In the following steps, we assume that we are returning any merchandise for which we have received credit. So, in the first we will open an existing company .

Step  1

Go the task menu and select the option of “Vendor credit memo”.

The following window will appear

Step 2:

At first enter the Vendor ID in the customer ID field. It is the ID of the vendor from which the purchases has been made.

Step 3

Enter the date of returning goods in the date field.

Step 4

Enter the reference number in the Credit no field.

Step 5

The  term field will be filled automatically when you select the vendor .

Step 6

Enter the account payable ID or select it from the list of chart of accounts by going in the account payable account.

Now if you select the vendor’s ID then if there are any invoices which were pending in issuance to the vendor then the tab given below Apply to invoices no will also be enabled.

Step 7

Select the invoice number from the drop down list of invoices.

Step 8

          The fields of item, quantity, unit price & description will be automatically filled.

Step 9

           After this enters the number of items you wanted to return in the return field.

Step 10

           Now enter the G/L account which you want to use for return.

Step 11

           Then amount field will be automatically filled..

Step 12

            Now click on the save button to save the transaction.

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