QuickBooks Credit Bill
Software: QuickBooks Desktop accounting software
Enter Credit-Bill when received a Credit Note from the vendor (supplier), the transaction debits the accounts payable and credit expense. If the vendor issue you a refund instead of offsetting against the outstanding bill, then a Make Deposit or a General Journal has to enter to record the money received. The journal debits the bank and credit the accounts payable account. You need to select the vendor when using the accounts payable account in a general journal; so it will update the creditor sub-ledger and ageing report.
The credit-bill remains in the accounts payable ageing report until you do a pay bill to offset the credit-bill against the Deposit or General Journal which you have created earlier.
For foreign currency vendor, the exchange rate on the general journal and the credit-bill has to be the same to prevent exchange error in reporting.
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