Categories
Credit Memo Delayed Charge Delayed Credit Estimate Invoice Purchase Order Refund Receipt Sales Receipt Sales Receipt 2 Uncategorized

How to change transaction numbers like invoice number sequence

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 QBO can identify number sequence based on the last transaction number.

A separate number sequence appears on:

  • Invoices, sales receipts, refund receipts, and credit memos
  • Delayed charges and Delayed credits
  • Estimates
  • Purchase orders

For Statements, QBO will automatically control the numbers that reference identify so you can’t change it.

QBO lets you customize your transaction numbers.

How do custom transaction numbers work?
When you turn ON custom transaction numbers:

  • You can change transaction numbers when you create or modify a transaction.
  • Transaction numbers can include letters (such as 2017-1001).
  • New transactions get new numbers (such as 2017-1002), based on the last transaction. You’ll be warned if you try to enter a duplicate transaction number.

When you turn OFF custom transaction numbers:

  • Transaction numbers are never changeable, even numbers created with custom transaction numbers on.
  • Transaction numbers are assigned when transactions are created.
  • Transaction numbers are sequential, based on the last number, starting at 1.

To turn custom transaction numbers ON or OFF from the company settings:

Click the Gear icon at the upper right corner > Your Company > Account and Settings).

 

For customer transaction numbers on sales forms:

Click “Sales” on the left, and then click the edit icon for “Sales form content”. Select the “Custom transaction numbers” checkbox, and click Save.

 

For custom numbers on purchase orders:

Click Expenses on the left, and then click the edit icon for Purchase orders. Click the “Use purchase orders” checkbox. Select the “Custom transaction numbers” checkbox, and click Save.

 

To reset your transaction numbers again:

  • Select the Custom transaction numbers checkbox, and click Save
  • Create a transaction with a new starting number.
  • Clear the Custom transaction numbers checkbox, and click Save.

 





 





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Categories
Bank Deposit Bank Register Banking Journal Entry Refund Receipt Sales Receipt

How do you match a deposit to a receipt when the credit card refund is more than the actual deposit

Example:
We received a credit card payment from customer A ($334.00) and sent a credit card refund ($1,000.00) to customer B on the same day. This resulted in a net negative deposit ($666.00) from our credit card merchant provider. How to match a refund receipt and a regular receipt in order to properly match the deposit in our bank account from the bank feed.

sales receipt
sales receipt
refund receipt
refund receipt

QuickBooks Online won’t allow creating a negative bank deposit. If the total deposit is negative, you will need to create a Journal Entry to move the funds from Undeposited Funds to the bank account.

deposit negative
deposit negative

Here’s how to create that Journal Entry and move the funds from Undeposited Funds account to Bank account.

journal entry
journal entry
  • Click the Create (+) at the top of your Home screen.
  • Choose Journal Entry from the drop down (if you don’t see it, try clicking Show more).
  • Set the Date of the transaction (same as bank posted transaction date).
  • On the first distribution line of the Journal Entry:
  • In the Account column, choose Undeposited Funds.
  • In the Debit column, enter the amount of the deposit.
  • On the second distribution line of the Journal Entry:
  • In the Account column, choose the appropriate bank account.
  • Set the Credit column to the amount of the deposit.
  • Click Save and close. This will show a deduction from the bank account in the Bank Register in QBO.

Next, you will want to group the Journal Entry with the payments to create a $0 deposit and remove the payments from Undeposited Funds.

deposit zero with je
deposit zero with je
  • Click the Create (+) at the top of your Home screen.
  • Choose Bank Deposit from the drop-down.
  • Select the payments (negative and positive) and the Journal
  • The entry you just created (the total should be zero).
  • Click Save and close.

Next, go back to banking center (bank feed). You may see MATCH now for that transaction. If not, click that transaction row for refund receipt. Locate and match transaction from the list there. Save.

radio button switch from add to find match
radio button switch from add to find match
match transaction
match transaction

Video Tutorial

QuickBooks Online QBO – how to match negative credit card daily sales receipts | refund deposit

Categories
Customer Center Customers Customers Center Print Checks Refund Receipt

How to write a refund check to a customer against already issued credit memo? I do not see any options for applying the credit or printing a refund check.

I am trying to write a refund check to a customer against already issued credit memo, but I do not see any options for applying the credit or printing a refund check.

It involves two steps process to write a check and apply the credit memo against that issued check to a customer.

Step # 1
Write a check (create + sign > select Check under Vendors)

Two critical information to fill out > choose a payee, in this case Customer > Account = Account’s Receivable (A/R)

Write check for customer refund
Write check for customer refund

Step # 2 Receive Payment to clear refund and check in customers’ account

Go back to Customer’s Center > Locate the Customer > You will notice 2 open invoices notice under “Pending Invoices” column > Under Action column, select “Receive Payment” > You will notice both Check and Credit with net zero amount here > Save and Close. Done.

Receive payment to clear customer credit and refund
Receive payment to clear customer credit and refund
Categories
Check Credit Memo Customer Center Customers Customers Center Refund Receipt

How to refund to customer remaining balance of a credit memo in the form of a check to customer?

In order to refund customer by check, from the home page screen, go to plus (+) sign

  • Select “Check” under Vendors heading
  • Payee = Customer’s Name from the list (that you are writing check payable to)
  • ACCOUNT = Accounts Receivable (A/R)
  • AMOUNT = Refund check amount
  • SAVE

Go back Customer center (blue navigation bar on the left)
Locate the customer you just made the payment to. You will notice zero amount balance, but it will also say TWO open invoices. Just need to clear this taking another step. Very easy!
From home page screen, go to plus (+) sign

  • Select “Receive Payment” under Customers heading
  • Select Customer from the list
  • You will notice both check payment and credit memo with amount received as zero, all in one place checked off.
  • SAVE. DONE.

Go back to Customer center again. Everything should be cleared off now.
SEE ATTACHED SCREENSHOT PHOTOS FOR REFERENCE.

Customer Refund Check
Customer Refund Check
Receive Payment to clear zero amount
Receive Payment to clear zero amount