![]() ![]() 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: I'm always here to help you.Hey there, be happy to explain the difference between the Receive Payment and Credit Memo transactions. Please get back to us if you have further questions or concerns about handling payments and journal entries in QuickBooks Online. Ĭheck out this article to learn how and when to give a credit memo to customers: Create and apply credit memos or delayed credits in QuickBooks Online. If you don't have one, you may find an accountant through this link: ProAdvisor. They can assist you in managing situations like this effectively. Moreover, it's better to consult your accountant for expert guidance about this. Select Done, then, click Save and close.Click Set Credits and select the credits to apply.Find the specific customer, then click Receive Payments.From the Customer & Leads menu, click Customers.In the Name field on the Accounts Payable row, enter the vendor name that needs the bill credit created.This time, debit Accounts Payable and credit Clearing Account for the amount of the sale. ![]() Choose Accounts Receivable in the Account row, then enter the customer in the Name field.Debit the Clearing account (created in Step 1) and credit Accounts Receivable for the amount of sale.Click the +New option, then select Journal Entry under OTHER.In the Account Name field, enter Clearing Account.Click the New tab, then choose Bank for the Account Type. ![]()
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