Quickbooks 2021 Tutorial for Beginners - How to Create a Credit Memo

www.QBUniversi... - In this Quickbooks 2021 tutorial for beginners, how to create a credit memo, I show you how to effectively and efficiently create a credit memo in Quickbooks desktop 2021.
There are so many time you may need to issue a credit memo or refund to a customer. It could be that there were damaged good, you give a courtesy discount, you billed incorrectly, etc. Sometimes it makes sense to give the customer a credit and sometimes it makes sense to issue a refund.
This Quickbooks tutorial shows you both way of handling a customer credit, whether you issue a credit to be used on a future invoice or you issue a refund to the customer.
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[@QbuniversityOrg]

www.QBUniversity.org/QB-masterclass - feel free to leave a comment or question here!

[@gladysescalona3418]

Hi. I registered a collection for an amount higher than the sum of invoices paid. Now it is shown as an open document. How can I correct it?

[@takaelkins7252]

WOW. Got all kinds of great videos! Small freaking world mi amigo!! Just subscribed!

[@QbuniversityOrg]

Ha! What’s up my friend? Hope all is well!

[@gregggd9168]

I think you should've also done the example of creating a credit memo and apply it to a future invoice as well as the refund part. you didn't save it, so start over and use the other option prior to saving. i'm sure it's the same concept, but still...just sayin'. 🙂

[@QbuniversityOrg]

Got it thanks

[@kemaleddins]

Appreciate for the tip. Actually I would like to create a new company file just because to change the home currency from the current one to another. And bring all open balances to the new one with currency rate equivalent to. However, will be grateful if you can recommend a different option perhaps if you have better one. But anyway, thank you for the video. Cheers

[@nellymena-marroquin4925]

Great videos thanks Now I’ve been asked to send a credit memo to a company that has not yet pay that invoice because we cancel the invoice ( Voided) but they want us to make a credit memo is this correct or It will cost us a problem ? This is a continuously customer

[@QbuniversityOrg]

What’s the credit memo for if they have not paid? Is it just a general credit they can use in the future? If so it should not cause an issue

[@hanoyanglero5723]

Hello, thanks for the explanation, I want to know how it is when I have to make a credit to an invoice that is created from a client and also when I am the one who receives a credit note from a supplier

[@sherrykaiser3038]

Hi Hanoy, when you are making your invoice, there is a green icon at the top that you can click on that says apply credit. Another screen will then open and you can click on the credit and tell it to "apply".

[@gladysescalona3418]

Hi. I registered a collection for an amount higher than the sum of invoices paid. Now it is shown as an open document. How can I correct it?

[@hanoyanglero5723]

Thanks for the explanation, I want to know how the credit note is applied to customer invoices.

[@eliaskangara6924]

me too

[@patc.1745]

@@eliaskangara6924 you pull that customer up you will get a message stating that the customer has a credit that can be applied to the invoice. It will ask if you want to apply it. I am sure it has been figured out by now since you message was sent 6 months ago but just in case someone else is asking.

[@noneyabusiness1169]

Hi I just started in place of another bookkeeper my question is she did a refund using the credit memo and recorded it, but she also made a journal entry for the same transaction, should it be one or the other, not both?

[@QbuniversityOrg]

Should be just the credit memo. I would get rid of the journal entry

[@britneysmith3299]

So I received a credit memo that goes with a specific invoice. However I want to apply it to a different invoice. Is this possible and if so how do I log it?!

[@QbuniversityOrg]

You received a credit memo from the vendor? If both invoices are with the same vendor then enter the credit for them then go to Pay Bills and apply the credit to whatever invoice you choose

[@pennyfritz6367]

What is the best way to input historical transactions into your bank account?

[@QbuniversityOrg]

It depends on how far back you want to go. You can import them from the bank but the bank will usually only go back 6 months to a year

[@pennyfritz6367]

What if I wanted to input the last several years. But my old accounting program will not transfer over to quickbooks.

[@QbuniversityOrg]

@@pennyfritz6367 I think your option are input by hand or use something like Transaction Pro Importer

[@misma1650]

Hi! If you accept credit card payment does it go to your account automatically or you have to do something in order to get the payment? If so, what's the process? Thanks!

[@QbuniversityOrg]

Do you mean if you show a payment by credit in QB or if you physically process someone’s credit card?

[@misma1650]

@@QbuniversityOrg thanks for the replied, I'm good for now I figured it out already..