In this learn QuickBooks Online Inventory video tutorial, you will learn how to record returns of merchandise from your company to the vendor whom you purchased your products from in the first place. Any prior purchase made “on account”, by recording a vendor bill, requires a “vendor credit” be created to reverse the effects of the original purchase. A vendor credit decreases the vendor’s balance and also decreases the quantity on and of merchandise. Your count for your goods available goes down because you are giving back merchandise to the vendor so threrfore you have less on hand. The vendor credit must be applied to the original vendor’s bill that you entered when you recorded the purchase. The effect of the credit will be the exact opposite of what the effect of the bill was if you assume that you put the exact same items on the credit as was on the bill. The vendor credit must then be “applied” to the original bill by making a “zero-dollar” payment. This is because the “pay bills” window is the only window that allows you to apply vendor credits to vendor bills. Just like you can check the quantity on hand via the “inventory valuation detail” report, you can check the vendor’s bills you owe and see if the credit was applied correctly by looking at the “unpaid bills detail” report.
This QuickBooks YouTube Playlist will teach you every possible transaction type or issue that you could possibly have when managing merchandise inventory using QuickBooks Online. You will have total control over inventory quantities as well as your inventory work flow from purchases to warehouse storage to sales. All quantities will be tracked and all questions about non-inventory parts and 2 sided items will be answered. After watching this playlist, you will be able to guarantee that every aspect of your merchandise inventory records in QuickBooks Online will be correct to the last detail. You will master inventory reports and adjustments and always know what to do when receiving merchandise or selling the goods you trade.

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