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They create a refund (it's defective, you're not exchanging it for a new one because they all have the same problem) and then they process the money through the credit card machine back into your account. If you go to a store because a product is defective, they don't do some convoluted multi-step expense process. How do I create a payment based on and linked to the credit memo? The desktop version used to be able to do it. Balance should be 0 as they will cancel each other out.īut there is NO item to allocate this. Add the Customer and choose the Payment method and Deposit to.ġ0. Next, go to + New and select Receive payment.ĩ. The instructions in the above article state:Ĩ. Yet this expense does not show up in the customer's account, so now I have both the credit on file and the expense both coming out of the liability account. Tech support made me create an expense and pay the customer back that way. No, that would either increase my income or the liabilities, and null out the credit that we actually need to pay. He kept insisting that I needed to create a brand new invoice and apply the credit towards that invoice. However, based on my conversation with someone in QB tech support, there is no way for QBO to link a cheque to said customer to the credit. Both the income and liability accounts are increased.Ģ) Months or years go by, the tax years are closedĥ) Journal entry created to move the $ from the liability account to cover the repair expensesĦ) Credit memo created for the balance of the deposit to be returned to the tenant, creating a negative balance on the customer's account, which is correctħ) We now need to pay this customer back based on this credit memo.
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This article on refunding a customer is very confusing for refunding a customer after the invoice has been paid, and the second part of the instructions don't work.ġ) Tenant pays first month's rent plus a deposit.