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Enter a credit memo or record a return

Use the Create Credit Memos/Refunds window to issue a credit memo or refund check when a customer returns items for which you have already recorded an invoice, customer payment, or sales receipt.

To do this task

  1. Go to the Customers menu and click Create Credit Memos/Refunds. Shortcut

  2. In the Customer:Job field, choose the customer and job for which you are creating the credit memo or refund check.

    Important: If you have created more than one job for the customer, be sure to assign the credit memo to the correct job. You can apply the credit memo only to the same job for which it was created.

  3. Select a template.

  4. Click the Account drop-down list and choose which Accounts Receivable account to use.

    This field appears only when you have more than one accounts receivable account (most companies have only one).

  5. Enter the items being returned in the line item area.

    Use the same information that was on the original invoice or billing statement. QuickBooks decreases the income accounts of the invoice items by the amount of the return.

  6. (Optional) Assign a class to this credit memo.

    "class" topic goes here
  7. (Optional) In the Customer Message field click a message from the drop-down list, or enter a new message to your customer.

  8. (Optional) If your customer uses a currency different than your home currency, you can manually adjust the exchange rate if necessary.

    QuickBooks uses the most recent exchange rate from the Currency list for foreign transactions.

    Exchange rates can't be changed for home currency transactions. The exchange rate field on home currency names and accounts is disabled and always uses a value of 1.0.

  9. (Optional) Enter a memo for this transaction.

    The memo does not print on the credit memo, but it does appear in the Accounts Receivable register and in the customer register.

  10. (Optional) Print the credit memo.

    "Print" topic goes here
  11. Save the credit memo.

    Save the credit memo.

    The Available Credit window opens, where you tell QuickBooks how to use this credit.

  12. Choose one of the following:

    • Retain as an available credit

      When you choose this option, QuickBooks enters a negative amount in your A/R register for the credit memo. Later, if you receive a payment for this customer, you can use this credit.

    • Give a refund

      When you choose this option, QuickBooks opens the Issue a Refund window. Here, you can issue the refund as cash, a check, a credit card refund.

    • Apply to an invoice

      When you choose this option, QuickBooks opens the Apply Credit to Invoices window, where you can select an invoice to which you want to apply this credit.

See also

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