Credit Memo

Credit Memo Form
Credit Memo Form

Credit Memo ●●► Create credit memo/refund for returned products or overbilling

Customers - Invoices, Sales Receipt, Receive Payment, Bank Deposit
Customers – Invoices, Sales Receipt, Receive Payment, Bank Deposit

I have a credit card deposit, a merchant credit card refund of $1015 to a customer. Created a refund receipt placing it with the undeposited funds. Quickbooks says I can’t make a negative deposit. How do I record this so it matches my bank statement?

For $1015 cc refund from your bank to match your bank statement, you will need take the following steps:
Step #1
You will need to create Customer Credit Memo instead of Refund Receipt for $1,015
Step # 2
Go to Expense Form (under Vendors)
Select Customer
Select Appropriate Bank Account
Select Account = Accounts Receivable (A/R)
Amount = $1,015
Step # 3
Go to Customer’s Center (from blue nav bar left)
Locate and select Customer
Select “Receive Payment” (far right corner)
Check “Outstanding Transactions” box and “Credit box
Amount Received should be $.00

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