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Mastering QuickBooks 2024

You're reading from   Mastering QuickBooks 2024 Bookkeeping with US QuickBooks Online for small businesses

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Product type Paperback
Published in Dec 2023
Publisher Packt
ISBN-13 9781835469958
Length 570 pages
Edition 5th Edition
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Author (1):
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Crystalynn Shelton Crystalynn Shelton
Author Profile Icon Crystalynn Shelton
Crystalynn Shelton
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Table of Contents (27) Chapters Close

Preface 1. Section 1: Setting Up Your Company File
2. Getting Started with QuickBooks Online FREE CHAPTER 3. Company File Setup 4. Migrating to QuickBooks Online 5. Customizing QuickBooks for Your Business 6. Managing Customer, Vendor, and Products and Services Lists 7. Section 2: Recording Transactions in QuickBooks Online
8. Managing Sales Tax 9. Recording Sales Transactions in QuickBooks Online 10. Recording Expenses in QuickBooks Online 11. Reconciling Uploaded Bank and Credit Card Transactions 12. Section 3: Generating Reports in QuickBooks Online
13. Reports Center Overview 14. Business Overview and Cash Flow Reports 15. Customer Sales Reports in QuickBooks Online 16. Vendor and Expenses Reports 17. Section 4: Managing Employees and Contractors
18. Managing Employees and 1099 Contractors in QuickBooks Online 19. Section 5: Closing the Books and Handling Special Transactions
20. Closing the Books in QuickBooks Online 21. Handling Special Transactions in QuickBooks Online 22. QuickBooks Online Advanced 23. Shortcuts and Test Drive 24. Intuit QuickBooks Online Certified User Exam Objectives
25. Other Books You May Enjoy
26. Index

Applying a credit memo to an open invoice

After recording a credit memo for a customer, the credit will immediately be applied to the open balance for that customer. Let’s assume that George Jetson has sent a payment in for invoice #1005. Navigate to the Receive Payment window, select George Jetson from the Customer drop-down, and the following screen will display:

A screenshot of a computer

Figure 7.26: George Jetson invoice

As you can see in Figure 7.26, the original invoice amount was $1,412.38, and now that the credit has been recorded, the open balance has been reduced by the $250 credit amount (shown in Figure 7.18) to $1,162.38.

Pro Tip: If you do not invoice customers through QuickBooks, you can issue a refund check by going to + New and selecting Check, listed below the Vendors column. This will allow you to refund a customer instead of creating a credit memo since you will never have an invoice to apply it to.

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