Vendor Credit Memos…

Vendor Credit Memos are write to return some of goods that we purchased from our vendor previously on the credit basis. We returns some goods back to vendor because goods are not meet quality that is written on the quotes that we access from our vendor before sending him purchase order.

 Quotes: is a written paper in which vendor (Seller gives all necessary information about goods (quality, price, terms of payment, method of delivery etc.

The main thing to note that we already purchased goods either the payment of goods is made or not or will be paid in next month or next specific period.

To return goods or write vendor credit Memos in peach-tree software we have to click on tasks Manu button and select Vendor Credit Memos… as the procedure given below

When we click on Vendor credit memos the following window will appears

When above window is open you have to fill some information.

Vendor ID: Here you can select your vendor from whom you purchased your inventory or other goods.

Date: Here you can select the date when you write credit memos

Credit No: This field is necessary for differentiation more than one credit memos; here you can give any specific credit No. for your vendor.

Apply to Purchases:

This field is used when you have no invoice number that your vendor gives you when you purchase goods (may be it means you have purchased goods in cash basis or not need of invoice for small goods). Here you have to fill following sections:

Quantity: that you want to return

Item: That you want to return

Unit price: in which you have recorded you previous purchase transaction.

Apply to Purchases:

This section is used when you purchased goods on credit basis and you have not paid amount of purchased goods and now you want to return some of purchased goods to you vendor. It means that when you purchased goods from your vendor he gives you invoice number and then you can use this section with the help of selecting invoice number of those specific goods.

The thing to Note here is that if we select a vendor to whom you have not make payment yet, then apply to invoice window automatically open as you can see below when I select vendor, apply to invoice window is open and here you can also use apply to purchase window both for one vendor at the same time for same transaction, one for invoiced number other for non-invoice number.

Here you have to fill following fields:

Vendor ID: That gives you invoice number at the time of purchase goods transaction

Date: when you return goods.

Credit No. To differentiate when you have more than one credit memos.

Returned: Here you have to give out of total quantity that you want to return to vendor.