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What is a Credit Memo in QuickBooks? - A Complete Guide

Posted by qasolved on June 29th, 2020

If you are a QuickBooks user, then you should be familiar with the name credit memo. To know what is a credit memo in QuickBooks keep reading the blog. Credit memos are a type of transaction in QuickBooks that helps to track customer payments as well as payment reductions. QuickBooks credit memo is issued when the buyer returned goods to the seller. Including this, it is issued because of the below-mentioned reasons:

  1. If a customer has paid more amount.
  2. In case the buyer returns the products.
  3. Credit memo QuickBooks is also issued at the time of requesting a refund.
  4. When a customer owns money.
  5. If a buyer doesn’t find the right quality of the product, then the credit memo is issued.
  6.  Now, let’s understand the procedure to create a credit memo in QuickBooks.

How to Create a Credit Memo in QuickBooks?

  1. Firstly, you have to click on refunds and then credits.
  2. You need to click on the customer option.
  3. Correctly fill the credit memo form.
  4. Choosing the correct channels is mandatory.
  5. Your job is to verify the amount on the credit memo and then you will be clicking on save and then close.
  6. You will see a pop-up notification on your PC if there is a balance in the customer’s account.
  7. Last but not the least, check the open balance report or you can also check the customer’s transaction history.

Conclusion

The blog has mentioned what is a credit memo in QuickBooks. You can take the help of the blog to know the procedure of creating a memo in QuickBooks. You can contact QuickBooks professionals if you need help in creating a memo in the accounting software.

In order to get additional info on what is a credit memo in QuickBooks, dial the Toll- Free QuickBooks Support Phone Number +1 888-660-0582.

Reference Source: https://www.apsense.com/article/what-is-a-credit-memo-in-quickbooks-a-complete-guide.html

Also See: Credit Memo, Complete Guide, Www Apsense, Up Notification, Quickbooks, Memo, Credit

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