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QuickBooks
Online Manual
Credit Memos
About
Credit Memos
Use
credit memos to record a return when a customer returns
items for which you have already recorded an invoice
or cash sale.
When writing a refund check to a customer, always complete
a credit memo first in order to track the sale, return,
and refund correctly in QuickBooks.
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Index ]
Entering
a Credit Memo
| 1. |
From the "Customer" menu choose "Create Credit
Memos/Refunds".
 For
Quickbooks 1999:
From the "Activities" Menu, choose "Create Credit
Memos/Refunds".
|
| 2. |
In the "Customer:Job" field, choose the customer
or job the return is for by either typing in the
name, or using the drop-down list to click on
the name you choose. |
| 3. |
Assign a class to this credit memo. You will only
be able to assign a class if the class option
has been turned on in QuickBooks. |
| 4. |
Make sure the template you want to use for your
credit memo is displayed in the "template" field. |
| 5. |
Choose which Accounts Receivable account to use. |
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| • |
This
field appears only when you have more than
one accounts receivable account (most
companies have only one). |
|
| 6. |
Enter
the items being returned in the line item area.
Use the same information that was on the original
invoice or billing statement. QuickBooks decreases
the income accounts of the invoice items by the
amount of the return. |
| 7. |
(Optional)
In the "Customer Message" field, choose a message
from the drop-down list or enter a new message
to your customer. |
| 8. |
(Optional)
Enter a memo for this transaction in the "Memo"
field. The memo does not print on the credit memo,
but it does appear in the Accounts Receivable
register and the customer register. |
| 9. |
Click
"Print" to print the form now, or select the "To
be printed" checkbox by clicking on the box to
make a checkmark appear within it, to add the
credit memo to a list of forms to print in a batch
later. |
| 10. |
Record
the credit memo by clicking "Save & Close" or
"OK" if you are finished entering credit memos,
or by clicking "Next" or "Save & New" if you would
like to enter another one. |
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| • |
QuickBooks
enters a negative amount in your A/R register
for the credit memo. |
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| 11. |
If
you now owe the customer money, write a refund
check. |
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Applying
a Credit Memo
| 1. |
Choose "Receive Payments" icon if setup or from
the "Customer" menu.
For
QuickBooks 1999:
From The "Activities" Menu, choose " Receive Payments".
|
| 2. |
Choose the customer's name that you just wrote
the credit memo for. The amount of the credit
memo will appear in the "Existing Credits" field. |
| 3. |
Click on the "Apply Existing Credits?" checkbox
so a check mark appears within it, to apply the
credit amount to any invoice for this customer.
QuickBooks will enter the credit amount in the
payment field of the oldest outstanding invoice
if you have set QuickBooks to automatically apply
payments. If you did not set QuickBooks to automatically
apply payments, click in the checkmark column
next to the invoice being credited.
If you would like to credit a different invoice,
you can unclick the checkmark in the left column
of the "Receive Payments" window, next to the
invoice that QuickBooks has just applied the credit
to. When the checkmark is not next to the invoice,
QuickBooks unapplies the amount. You then click
next to the invoice you wish to apply the amount
to, and a checkmark appears like the one you just
deleted, and QuickBooks applies the credit to
the invoice you have just selected |
| 4. |
Click "Save & Close" or "OK". |
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Writing
a Refund Check
|
1. |
Display
the credit memo you created for the amount and
customer you are writing the refund check for.
You do this by clicking "Customers" then "Create
Credit Memos/Refunds". You can click the "Previous"
button until you memo you created and want to
write the refund check for, is displayed on your
screen.
For
QuickBooks 1999:
From The "Activities" Menu, choose "Create Credit
Memos/Refunds".
|
| 2. |
Click the "Refund" to create the refund check.
QuickBooks will display the "Write Checks" window
with a refund check with all the relevant information
from this credit memo, already entered. |
| 3. |
Make sure all the information on the check is
correct. Caution: Leave "Accounts Receivable"
as the account in the detail area of the refund
check. This ensures that QuickBooks will account
for the credit and refund correctly. |
| 4. |
(Optional) Select the "To be printed" checkbox
to print this check later, or click "Print" to
print the check now. |
| 5. |
Click "OK" to record the check. |
| 6. |
Select Receive payments from the icon bar or from
the "Company" menu, choose "Receive Payments".
For
QuickBooks 1999:
From The "Activities" Menu, choose
"Receive Payments".
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|
| • |
Important:
Although you have recorded both the credit
memo and the check, you still need to connect
the check to the credit memo so that QuickBooks
can track the transaction correctly. |
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| 7. |
In
the "Customer:Job" field, use the drop-down list
to choose the customer to whom you just wrote
the refund check. |
| 8. |
You
will see under "Outstanding Invoices/Statement
Charges" at the bottom of the screen, a listing
under "Type" that says "Refund Chk" for the amount
that you just entered in the credit memo. Enter
that amount in "Amount" field at the top right
of your screen. |
| 9. |
Then
click "Save & Close" or "OK". |
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