Can I eSign Mississippi Credit Memo

Can i document type e sign credit memo mississippi

[Music] now we will process a transaction that is a bit more challenging a credit memo on February 10th we returned $75 of damaged office supplies to Williams office supply company for credit using credit memo cm to four or five so this transaction is saying we're returning some damaged office supplies for credit recall that back on February 6 we purchase $475 of office supplies from the company on account this means our accounts payable increased or was credited because we did not pay for them at the time notice that it says that the office supply company is giving us credit that means they are lowering our accounts payable cents if we return some of the office supplies we owe them less but what the heck is a credit memo I'm glad you asked a credit memo is a contraction of the term credit memorandum now a credit memorandum has way too many syllables so no one calls with that we just call it a credit memo so a credit memorandum is a document issued by the seller of the goods in this case Williams office supply to the buyer which is us Chris and rayna's company reducing the amount that the buyer that's us owes to the seller under the terms of an earlier bill that's the February 6th bill it is called a credit memo because on the sellers accounting records they will be lowering their accounts receivable and how is accounts receivable lowered with a credit hence the name credit memo so the seller will lower their accounts receivable and in our books since we need to lower our accounts payable we need to debit our accounts payable sound confusing fortunately QuickBooks does all of this forests behind the scenes if we use the correct window so to process a credit memo we click on enter bills you would think that there would be a credit memo window but there's not so we click on enter bills and here's the key this is the part that a lot of students miss we need to click on the credit button notice there's a bill button which is a default which we've been using so far and then there's a credit button so by clicking it and changing to a credit it's going to lower our accounts payable behind the scenes whereas the enter bills window if it was on the bill selection it would increase our accounts payable so we've got it set it up right it's a credit and the company is Williams office apply the date is 0 to 1019 tab reference number is cm - 2 4 5 my tab $75 credit now here you should write a memo and why you returned the office supply returned damaged office supplies tab to the field and what is the account that they're going to lower office supplies so we recorded our first credit memo and I'm going to save and close this so remember this transaction was done on 2/10 so what I want to do just for learning purposes is open up a journal report so to open up a journal report you go reports accountant and taxes journal and I'm in the dates field so I'm going to tab to the from date field and the date is 0-2 1019 gonna tab 0 to 2 in 19 I'm doing it on just that date so I don't see any other transactions so here's what's going on I'm gonna widen this field accounts payable is debited so that's lowered and then what's happening to our office supplies account if it's being credited well that's being lowered and that makes sense now let's go to the home page and then go to the vendors and see what our current balance is for Williams office supply Williams office supply we have we owe 400 bucks remember the February 6 transaction was for four hundred and seventy-five bucks and because we returned $75 our ap is lower and if we single click on Williams office supply and we have this set to all and this that's all we're just looking all the transactions and here's the original bill our debt was forty four hundred seventy five dollars and then here's the credit and it's has lowered our AP by seventy five dollars one more thing I want to show you back in the journal and go over here to the journal that in the journal you can see by looking at the type column you can see what window that this transaction was entered in if you enter anything in the enter bills window as a credit this will be labeled as credit so now we can close this and close the vendor Center and then get ready for the next transaction