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Best way to handle vendor credits

We mistakenly sent 2 checks to the wrong vendor (very similar names). They cashed both checks and then called us to tell us we didn't owe them anything. They will send us back 1 check as reimbursement. Naturally, we still owe the original vendor payment for the 2 invoices. What's the best way to accept the check back from the vendor while clearing out the items owed them? I've done nothing yet as I 've not gotten the payment but will need to pay the correct company this week. Thanks in advance. Paul

Reply to
Paul
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Void the Bill Payments for those checks. Use Write Checks to re-record the two checks to the vendor who actually cashed them, coding them to Accounts Payable. This should create credits for that vendor on your A/P. Go to Pay Bills and pay the outstanding vendor bills with the credits, leaving a credit balance. When the reimbursement check arrives code it to Accounts Payable for the vendor and it should zero out.

Use Pay Bills to pay the invoices to the vendor you meant to pay.

Reply to
Tee

Tee, thanks for the info...I'll give that a try.

Paul

Reply to
Paul

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