Credit memo for overpayment4/5/2024 You're always welcome to tag my name in the comment section below if you have other questions about overpayments. Get started with customer transaction workflows in QuickBooks Desktop.I'll be sharing these resources that will guide you in tracking customer transactions and how to clear out your customer and vendor balances in QuickBooks: Enter a Location and Filter by business type or industry.You can also find one by following the steps below: They will be able to guide you on correctly applying the overpayment to ensure that your records remain accurate. Since the overpayment was made five years ago and you've already made adjustments for prior periods, I would suggest seeking advice from your accountant on how to handle this situation in QuickBooks. I'll guide you to the best support that can help you with your overpayment. If you also need to void or refund a customer payment, use this link as a reference: Void or refund customer payments in QuickBooks Desktop.ĭon't hesitate to leave a comment below for any follow-up questions about customer payments and invoices. I've added this article for more information about creating a credit memo or refund check in QuickBooks Desktop: Give your customer a credit or refund in QuickBooks Desktop for Windows. Review and complete the details for the refund, then select OK button.Under the OVERPAYMENT section, tick the option REFUND THE AMOUNT TO THE CUSTOMER.Select the Customer, then look for the payment you recorded.Go to the Customers menu at the top, then choose Customer Center.This will allow you to link the refund check to the payment and resolve the balance issue. If you've already created the check and credit memo, you can delete them and process a refund check directly through the invoice payment. Since you've already recorded a $125 invoice payment, you don't need to create a credit memo to match it with a refund check. I can share some info to properly handle customers' overpayment and resolve the balance issue in QuickBooks Desktop. If I can be of any assistance, please don't hesitate to visit this thread again. I also encourage visiting our Customer Transaction Workflow Guide to help track your sales and receivables in QuickBooks Desktop. To learn more about the process, read this article: Give your customer a credit or refund. If you'll be prompted to confirm the transfer, select Yes.In the Available Credits section, select the check you created, then hit Done.From the Received from drop-down menu, enter the appropriate customer.Select Customers from the top menu bar.However, if you choose to refund a customer, please follow the process below: The amount will be applied automatically to the invoice. You may see a prompt to Confirm the transfer.On the Credits tab, check the credit you want to apply and then Done.Then, select the Discounts and Credits icon.Under the Received from drop-down, choose your customer. ![]() From the Customers menu, select Receive Payments.If you choose to leave the credit for future use, here are the steps you can perform: ![]() The overpayment is negative A/R which is why it's showing negative on your balance sheet. QuickBooks Desktop will ask if you want to retain the credit or refund the customer. I'm here to lend a hand on how QuickBooks handles this. ![]() Thank you for sharing detailed information about your overpayment issue. Please don't hesitate to reach out to us if you need assistance with QuickBooks-related concerns. You may visit this article for tips about handling your QBDT reports: Customize reports in QuickBooks Desktop.
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