How to Record Credit Memos in QuickBooks 2010

Credit memos show when a customer no longer owes you money or when you owe a customer money. QuickBooks 2010 allows you to record credit memos, which may occur because your customer returns items or you issue a customer a refund.

1

Choose Customers→Create Credit Memos/Refunds

The Create Credit Memos/Refunds window appears.

2

Identify the customer, or the customer and the job, in the Customer: Job text box.

Also, use the Class box for class tracking if you’ve decided to do that.

3

Verify the credit memo date, credit memo number, and confirm customer information.

Credit memos include a header. This header includes the transaction date, number, and the customer information. You should confirm that the credit memo header information is correct on the Create Credit Memos/Refunds window. If it isn’t, edit the default information that QuickBooks uses to fill the Create Credit Memos/Refunds window.

4

In the columns area of the Create Credit Memos/Refunds window, describe the reason for the credit memo.

If the customer returned items, for example, use the columns to describe these items and the original price that you're refunding.

5

Use any of the buttons along the top of the window, if you want.

Click the Print button to print the credit memo. The Previous and Next buttons let you navigate your credit memos. Find, Spelling, and History also appear in this toolbar.

6

Click either Save & Close or Save & New to save the credit memo.

Note, too, that you can also print credit memos in a batch. Obviously, after you print credit memos, you need to distribute them.

At the time you save your credit memo, QuickBooks allows you to indicate what you want to do with the credit memo: retain it for later application to a customer invoice, immediately apply it to a customer invoice, or issue a refund check.

  • Add a Comment
  • Print
  • Share
blog comments powered by Disqus
Advertisement

Inside Dummies.com

Dummies.com Sweepstakes

Win $500. Easy.