Yes, you would need to set up a separate GL account if you want to track this expense and ensure you are reimbursed when you return the cores (depending on the values involved this could be considered an asset). You would use that GL account in your purchases journal when you pay the vendor. To record the core deposit being refunded back to you, either enter the credit amount as a negative in your purchase invoice, or record a general journal to debit the bank and credit the deposit GL account.

Thank you so much for getting back to me :)

If you have only a few 'core' parts from a few suppliers, just recording them in a separate G/L account will work.

If you want to keep track of the specific core charges, cores + exchange on hand, create an inventory item number for them. It will help you keep track of purchases and credits, and customer core charges (if those occur).

Even if your company doesn't track inventory or sell parts, set them up as 'service' items to keep track of which cores you've paid for vs received credit for.

If you need to keep cores and exchanges separate for reporting, you can link the item number to a separate G/L account. We link both rebuilt exchange and core charge inventory items to a separate 'rebuilt parts' G/L COGS, Sales, and Asset account.

If you keep track of cores as inventory items in Premium or Quantum you can run Supplier Purchase reports to see whether you have any un-returned cores from any supplier.

For instance, in this report for Purchases (Summary, filtered for Inventory by Asset) there's 19, WIL 90-01-4519 alternators that didn't get returned to the supplier.  

I hope that helps, please post back!

Randy

Thank you so much