Credits and Returns to Inventory

How do I enter credits and returns to our inventory?

Goldenseal accounting software includes a simple inventory management system that is designed for both retail sales, and use of materials on projects.

If you are returning an item to inventory that was previously used on a project (or if you are giving a credit for an inventory item), follow these steps:

  1. Choose Inventory Used from the Costs menu.
  2. Click the New button.
  3. Enter an Inventory account into the Source clairvoyant field.
  4. Enter a brief description of the credit or return.
  5. Enter the amount of the credit into the Gross Price field.
  6. Enter job cost info.
  7. Click on the Applies To popup field, and enter Credit or Return (see below).
  8. Hit the Enter key to save the record.

Using Credits

Enter Credit into the Applies To popup field when you are giving a credit to a project, and don't change any inventory amounts.

A credit might apply to any of these situations:

  • There was a mistake in the price you charged.
  • The item was damaged and you gave the client a partial refund.
  • You returned an item to inventory, but are not tracking its quantity.

The credit will reduce the job costing amount for materials, in the project. If you are billing it on a time and materials basis, it will also give a credit to the customer in the next billing cycle.

Using Returns

Enter Return into the Applies To popup field when you return an item to inventory, and want to adjust inventory quantities as well as give the client a credit. If the transaction includes an Item breakdown, the inventory quantity of each listed item will be increased.

NOTE-- If you enter a Return when there are no Item breakdowns, the return will act exactly the same as a plain credit, with no inventory adjustment.

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