Problems with contras on QB Pro

Jul 12, 2008 4 Replies
P

I used previous posts to help with contra payments (many thanks to all). The method that I went with was:



a) Making an expence account called Contra. Then making two journal entries - one for the accounts receivable and one for the accounts payable for the amount of the contra. b) Going into pay bills and also receive payments and use the set credits options to pay off the bill and receive the payment using the contras.



Trouble is....



I realise that I made a mistake in asigning contras against the wrong invoices/bills. This means that when I go to enter a payment against a bill i find that it already been partly paid.



I just don't have the knowledge to work out which report to look at to see where I've previously entered credits. Sorry, but I'm somewhat of a newbie.



Can anybody help?



Peter


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H

Perhaps you can help us help you. I did not memorize your previous posts about contras and therfore have no idea what you are talking about.

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P

sorry, what I meant to say was a thank you to the group as previous postings had led me to the method that I detailed above for making contras.

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J

The only way to unapply a vendor credit is to delete it. Your "contras" are credits. Therefore, they will need to be deleted to be unapplied, then re-entered, then reapplied to the correct vendor bill.

A/R credits can be unapplied by going to the invoice, clicking the Apply Credits button, and unchecking the credit in the Apply Credits window.

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J

Looking at your post again, I see that you asked about how to run a report to locate previously entered credits.

Open credits for A/R can be found by running an Open Invoice report:

Reports > Customers & Receivables > Open Invoices

Open credits for A/R can be found by running an Unpaid Bills report:

Reports > Vendors & Payables > Unpaid Bills Detail

Look along the left column for "Credit Memo" or "Credit". These have been entered but unapplied.

Off the top of my head I don't know how to create a report for applied credits.

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