Objective
This SOP outlines the steps to Complete vendor returns from a General Ledger (GL) perspective, ensuring accurate inventory and fee postings. Only users who have access to create AP open credits should be allowed to complete vendor returns. They Will need to know the Vendor credit information and the proper postings for Restocking and Misc. Fees.
Key Steps
Step 1: Submit Vendor Return 0:00
Begin by making sure the Vendor return was submitted.
Ensure all necessary information is included.
Make sure cost is correct as well as Restock and Misc fees.
Step 2: Complete and Make Credit 0:22
Navigate to the 'Complete and Make Credit' option.
This action will initiate the Vendor Open Credit process, post to inventory, restock charges, and any additional fees.
Step 3: Enter Credit Number 0:37
Input the credit number provided by the vendor.
Confirm that the system is set to post restocking charges automatically.
Step 4: Handle Miscellaneous Amounts 0:55
If there are remaining amounts, You need to create a posting for those.
Choose an GL account for the Misc Fees.
Step 5: Save Changes 1:10
Save the entries made.
This will reduce the inventory account and post the restocking and miscellaneous fees.