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ACE Microtechnology

Dynamics GP – Recording Vendor Refunds


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Recording Vendor Refunds can sometimes be challenging.  Have you ever wanted to record a vendor refund from a vendor under the actual Vendor in GP?  Well you can, and here’s how.

Of course, you can record it under the banking module if you are only concerned about updating the checkbook.  But here is how we can enter it in GP so it updates the Vendor and the Checkbook at the same time.

In this scenario, I have received a refund of $750.00 from my Federal Express vendor.  They did not send a credit, but a check payable to my company.

In the Payables module I am going to enter a “Return”.

Purchasing>Transactions>Transaction Entry

1. Select the Document Type of “Return.”
2. Select your Vendor.
3. Enter the Date.
4. Enter a document number. You may elect to use the Check Number of the refund.
5. Enter the value of the refund on the “Returns” field.

Purchasing>Transactions>Transaction Entry - Return

6.  Enter the value of the refund on the “Cash” field.
7.  Accept the defaults, but make sure it’s the checkbook you want the funds to go to.

Purchasing>Transactions>Transaction Entry - Cash

8.  Click on Distributions.

Purchasing>Transactions>Transaction Entry - Distribution

9. Make sure you credit the appropriate account and the Debit will be to cash.
10. Save to a batch or Post the transaction immediately.

You will notice when you do an Inquiry on your Vendor, there is a “Return” entry that has gone to History.

Purchasing>Inquiry>Transaction by Vendor

Purchasing>Inquiry>Transaction by Vendor

Now we must update the checkbook for reconciliation purposes.

Financial>Transactions>Bank Deposits

Financial>Transactions>Bank Deposits

1. Select your Checkbook
2. Enter the correct date
3. Mark the box against the item the represents the refund
4. Post the transaction

You will now see this entry in your Checkbook as a deposit.

Financial>Inquiry>Checkbook

Financial>Inquiry>Checkbook

To learn more on "Recording Vendor Refunds" in Microsoft Dynamics GP, contact ACE Microtechnology.  #GP #Microsoft #MSDYN365

 

Blog written by: Vickie Bell, Dynamics GP Sr. Consultant at ACE Microtechnology

 

 

 

 

 

 

 

 

 

 

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