Credit memos (vendors)

This is easiest if it’s an office expense. >NEW TRANSACTIONS >ENTER BILL. Once the bill screen has come up, click on the little CREDIT dot above vendor name. Fill in everything as you would for a regular bill. Note: You don’t put in a negative amount. Since it’s a credit, QuickBooks knows it’s negative.

Inventory groups

An inventory group allows you to sell a bunch of items all together on a customer’s invoice, such that only one “item” appears on the invoice, but QuickBooks decreases inventory on every single item in that “group” cleanly, where you can see the effect on all inventory reports. It’s most useful when Sales has “cherry-picked”… Read More Inventory groups