Cheque received from vendor for account credit

Question

We purchased some new furniture, and then returned some of that furniture. Consequently we ended up with a $42.00 credit on our account with the vendor from whom we purchased our new furniture. I asked the vendor to forward the amount to us in the form of a cheque, which they were kind enough to do. 
 I want the cheque we received to be part of the account "1020 Cash to be deposited" as we have a few cheques we will be depositing at the bank at the same time (and I want Sage 50's deposit slip to reflect this). 
 See the embedded screen capture below: 
 
 Am I on the right track? Is what I am doing above okay/correct? 
 
 Thanks! 
 Kristine

Keith L · Accepted Answer

Hi Kristine, 
 What you are doing is ok. This entry will debit the Cash to be deposited account and credit the Account Payable account. 
 When you do the deposit slip, you will not find this cheque from the Cheques section. This is because the deposit slip will only accept cheque from the receivable module but not the payable module. Alternative is to use the Cash section of the deposit slip for this $42.00. 
 In the Comment section, you can write down note about this $42.00 credit cheque. 
 Hope this helps.

Sage 50 Canada

Cheque received from vendor for account credit

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