Managing Vendor Credit Card Payments and Credits in Design Manager
Properly managing vendor credit card payments and handling related credits in Design Manager is crucial for accurate accounting and reconciliation. Below are detailed steps and procedures for correcting mistakes and recording credits effectively.
Reverse or Void Vendor Credit Card Payments
If a vendor payment was recorded using the credit card function in the Payments and Print Checks window but needs to be voided or reversed due to incorrect information, follow the process below:
Identify the Error: Verify the incorrect credit card payment and associated invoice or deposit.
Create a Reversing Entry: - Re-enter the same vendor bill, but with negative values equivalent to the original transaction. For example, if the incorrect bill was $100 for office supplies, enter a new bill for
-100for office supplies with the same vendor. - This action offsets the original entry ("washes out") and allows you to re-enter the bill accurately with the correct payment information.
Record Vendor Credits Tied to Purchase Orders
When reconciling credit card charges tied to purchase orders, recording vendor credits or refunds ensures financial accuracy:
Enter a Negative Bill: - Open the relevant purchase order within Design Manager. - Enter a bill with negative values corresponding to the refunded amount or vendor credit. For instance, if a vendor granted a $50 credit, add a bill for
-50. - This approach reduces the purchase order’s total cost and clears the refund properly during credit card reconciliation.
Tips for Accurate Credit and Payment Handling
Always double-check vendor invoices and payment details before finalizing transactions.
Use reconciliation reports in Design Manager to identify mismatches or unresolved credits.
Refer to the Help Center or support team for complex transactions or if errors persist.
By following these steps, you can ensure accurate financial records and streamline credit card reconciliation in Design Manager while managing vendor credits effectively.