Comments for Returned Supplies

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Jan 20, 2024
Handling Supply Returns
by: BB

When you return supplies worth $90 and need to bookkeep the transaction, you can follow these steps:

Create a Purchase Return Account:

If you don't already have one, create an account for purchase returns. Name it something like "Purchase Returns" or "Returned Supplies."
Record the Return:

Debit the "Purchase Returns" account for $90. This reflects that you are returning supplies and reducing your original expense.
Credit the Vendor or Supplier Account:

Credit the vendor or supplier account from which you originally purchased the supplies. This offsets the amount owed to them.
Ensure Accuracy:

Verify that the total returned amount matches the cost of the supplies.

Double-check the dates on the transaction to accurately reflect when the return occurred.

Add a Memo or Description:

Include a memo or description in the transaction details to specify that it's a return of supplies and note any pertinent information.

Reconcile Accounts:

Regularly reconcile your accounts to ensure that your records align with actual transactions.

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