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If the customer paid more than what was owed on the invoice, if they're returning a product or requesting a credit for a service, or if you're rewarding/gifting them with store credit, the Credit Memo can fulfill all of these roles.
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This is a multi-purpose transaction for crediting a customer balance. You can see the entire process of receiving a payment in the QuickBooks video tutorial or from the article here. The Payment will serve as a deposit in your bank register, or you can send it to Undeposited Funds to be included in a batch deposit. When one or more invoices are paid, you can link this item to those transactions to reduce their Balance Due. This represents the actual flow of money from a customer to the business. I'll outline a general explanation for each below: In addition, here's an article that you can read to learn how to refund a credit card payment in QuickBooks Desktop: Void or refund customer payments.ĭo you have any other questions in mind? Feel free to leave them below and I'll get back to you as soon as I can.Hey there, be happy to explain the difference between the Receive Payment and Credit Memo transactions. With regard to the customer rebate, you can just create a credit memo or issue a refund check to record the returned transactions. To learn more about this process, you can visit this link: Record a vendor refund. Hit Done, then select Pay Selected Bills.Select Set Credits, then apply the bill credit you created earlier.Check the deposit that matches the vendor check amount.Go to the Vendors menu, then select Pay Bills.Once done, you can now link the deposit to the bill credit:
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If this for the returned items, select the Items Tab, then enter the returned parts. Select the Expenses tab and then enter the accounts on the original bill.Enter the vendor name and the other necessary information.Tick the Credit radio button to account for the return of goods.Go to the Vendors menu, then select Enter Bills.Enter a memo, cheque number, payment method, and class as needed.Īfter that, you'll have to record a bill credit for the refunded amount:.In the Amount column, enter the actual amount of the refund.In the From Account drop-down menu, select the appropriate accounts payable account.In the Make Deposits window, click the Received from drop-down menu and then choose the supplier who sent you the refund.If the Payments to Deposit window appears, click OK.Go to the Banking menu, then select Make Deposits.You only need a few more steps to complete the process. After the vendor sends you a refund for a bill that is already paid, you'll need to record it as a deposit in QuickBooks. You're already on the right track with entering the rebates. I'm here to help you in recording those transactions.