Transaction reference numbers help you easily identify transactions. QBO will automatically assign transaction numbers in sequence. But if you want to change the starting custom transaction number of your own, you can do so. You would want to turn the company settings ON once, assign a custom number and turn it OFF again so that… Continue reading How to change transaction numbers like invoice number sequence
Accounting treatment in QuickBooks is exactly the same like when Vendor goes out of business prior to payment for the open balance. If the vendor (or customer with a credit balance) goes out of business due to bankruptcy, keep it until you hear from the courts with instructions as to where to forward your payment.… Continue reading How to handle when a customer has an overpayment in account balance and goes out of business
A case may occur when a customer wants to apply credit balance to an affiliated company’s open invoice. EXAMPLE: Customer (Mark) has a $500 credit balance. Customer (Martha) has a $500 Open Invoice. They like to clear the accounts by applying $500 credit from Mark’s account to $500 Open Invoice of Martha’s account. One easy… Continue reading How can I transfer unapplied credit from one customer to another in QuickBooks Online
First, you need to get some guidance from the parent company if they go through inter-company elimination process to prepare consolidated balance sheet report. In QBO create Intercompany Accounts Payable Account (not main Accounts Payable A/P) > you can select “Credit Card” Type > it will show as Credit Card group on the Balance Sheet.… Continue reading How do you mark a bill as paid if paid by your parent company (not by your bank account or credit card)
When a Customer Invoice becomes non-collectible, you will generally write it off as bad debt expense. You will create a credit memo to clear Accounts Receivable (A/R) balance and that will hit the P&L during that accounting period. You will need to take the following steps in QuickBooks: Step 1: Create Bad Debts Expense Account… Continue reading How to write off a customer unpaid invoice as bad debt expense?
Example: My Club charges $200 monthly dues. Member bought $30 office supplies with receipt. How to record in new QuickBooks so it will show $170 Net amount due on Customer’s account screen. My Club charges monthly dues. Create Invoice for $200 as a regular invoice When members purchase things for the organization/club Create Credit Memo… Continue reading How can I record a credit memo to a member (customer) and also have it record an expense?
Create “Credit Memo” (Create “+” sign > select Credit Memo under Customers heading) Go to Receive Payment (Create “+” sign > select Receive Payment under Customers heading) You will notice Outstanding Invoices (Transactions) as well as available Credits. Select Invoice and Credit, match with amount received. Customers / Clients: How do I apply credit to… Continue reading How do I apply credit to an Invoice in new QuickBooks Online?
Refund to a customer for PAID merchandise not received? Select “Refund Receipt” as one step process to refund a customer Create + sign > Customers > Refund Receipt Select Customer Select Payment method Select “Refund From” = Bank account if refund by Check (choose Undeposited Funds account if refunded by credit card that will show up in a batch deposit… Continue reading How to handle a refund to a customer for merchandise not received?
If you have credit balance in customer’s account (A/R) and need to refund customer by payment (by check or by online), you should be using Check or Expense under Vendors header, not Refund Receipt form which works differently. From home page screen, click “+1” sign Select check (or expense if you paying online) under Vendors… Continue reading How do I record a refund to a customer in new QuickBooks Online?