Millward, May & Co - Wokingham Accountants
Wokingham Accountants

Quickbooks - Supplier Credit

Supplier Credit

If a supplier issues you with a credit note and you offset it against another bill from the same supplier follow the instructions below.


Create supplier credit

Click on the '+' sign at the top right of your screen and under 'Suppliers' select 'Supplier Credit'.

Just like a purchase, enter the supplier name, date, account (this should match what the original purchase was posted to), amount & VAT (if applicable).

Click the green button at the bottom right of the screen: 'Save and close'.


Match credit against bill

If the credit note is for the full amount of the bill:

Click on ‘Expenses’ on the left hand side, then ‘Suppliers’ & then under ‘Supplier/Company’, select the relevant supplier (e.g. Wickes).

At the top right hand corner, click the green box that says ‘New transaction’ and select ‘Cheque’.

There should be an option on the right hand side called ‘Add to cheque’. Click add on the correct ‘Bill’ and corresponding ‘Supplier Credit’.

Make sure the ‘Date’ of the transaction is the same as the ‘Supplier Credit’.

Once both have been added and the ‘Amount Paid’ figure near the top right of the screen should show as £0.00.

Click the green button at the bottom right of the screen: 'Save and close'.


If the credit note is for part of a bill:

Click on ‘Expenses’ on the left hand side, then ‘Suppliers’ & then under ‘Supplier/Company’, select the relevant supplier (e.g. Wickes).

At the top right hand corner, click the green box that says ‘New transaction’ and select ‘Cheque’.

There should be an option on the right hand side called ‘Add to cheque’. Click add on the correct ‘Bill’ and corresponding ‘Supplier Credit’.

Make sure the ‘Date’ of the transaction is the same as the ‘Supplier Credit’.

Find the ticked bill and change the amount allocated on the right hand side to the amount of the supplier credit.

Then scroll back up to the top and change the amount to £0.00.

Once the ‘Amount Paid’ figure is £0.00.

Click the green button at the bottom right of the screen: 'Save and close'.

Matching a credit against part of a bill