V9 - Vendor credit memo value difference correction

 

The example below illustrates how to correct the value difference on a vendor credit memo found during the reconciliation process in SOS Inventory.

 

Steps for correcting value discrepancy in a vendor credit memo

  1. It all starts with a return to vendor (RTV) transaction like the one shown below:

    The return to vendor transaction, RTV1226.
     
  2. Run the Reconcile vendor credits report (Operations > Reports > Accounting > Reconcile vendor credits). The values in the Acct Value and Diff columns will be highlighted in red if the value of the item relieved from SOS Inventory is different from the value given by the vendor.

    The Reconcile vendor credits report identifies whether a discrepancy exists in the value recorded in SOS Inventory versus the value in QuickBooks Online.
     
  3. Look up the item to find the COGS account for the item. In this case, it is Cost of Goods Sold.

    The COGS account for item QA inventory
     
  4. Find the vendor credit in QuickBooks Online and edit it. Add a line in the Category details section using the account from Step 3 (Cost of Goods Sold) in the Category column, an annotation in the Descriptions column (in this example, Credit adjustment for QA Inventory item), and the difference between the two values in the Amount column. In this case, $12.12 to match the cost.

    Vendor Credit #RTV1226 as it appears in QuickBooks Online.

    Following this process will correct the value of the credit in the system by moving the residual value to cost and will balance out SOS Inventory and QuickBooks Online.