Comments for Returned Supplies

Average Rating starstarstarstarstar

Click here to add your own comments

Jan 20, 2024
Rating
starstarstarstarstar 		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.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Bookkeeping Questions and Answers.

Return to Returned Supplies.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.

Like Bookkeeping-Basics.net?