Customer Job Balance

Posted by Marc B. on February 22, 2007, 9:45 am

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I have Quickbooks Pro 2006 Mac. A client recently paid more than I was
owed so I issued a credit memo and refund. The problem is that in the
Customer Job section the balance still reads -$200. Shouldn't a refund
balance this out?

Posted by scfundogs on February 22, 2007, 10:12 am

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> I have Quickbooks Pro 2006 Mac. A client recently paid more than I was

> owed so I issued a credit memo and refund. The problem is that in the

> Customer Job section the balance still reads -$200. Shouldn't a refund

> balance this out?

QB puts refunds in Accounts Receivable as a negative number for that
customer. This allows you to apply the refund to a future invoice.

When paying the refund by check you assign the Accounts Receivable
account in the Write Checks window and select the customer name.

--
Tara

Posted by Marc B. on February 22, 2007, 10:43 am

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scfundogs wrote:

>> I have Quickbooks Pro 2006 Mac. A client recently paid more than I

>> was owed so I issued a credit memo and refund. The problem is that in

>> the Customer Job section the balance still reads -$200. Shouldn't a

>> refund balance this out?

> When paying the refund by check you assign the Accounts Receivable

> account in the Write Checks window and select the customer name.

I chose Customers then Create Credit Memos/Refunds. I added the
information to the credit memo and then clicked the Refund button where
I entered the amount on the check. The Account was set to Account
Receivables (only selection) and then chose the correct company under
Customer:Job.

Is that correct? If so, the Customer still reads -$200 in the Customer
Job section.

Posted by Laura on February 22, 2007, 11:46 am

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> scfundogs wrote:

>>> I have Quickbooks Pro 2006 Mac. A client recently paid more than I was

>>> owed so I issued a credit memo and refund. The problem is that in the

>>> Customer Job section the balance still reads -$200. Shouldn't a refund

>>> balance this out?

>> When paying the refund by check you assign the Accounts Receivable

>> account in the Write Checks window and select the customer name.

> I chose Customers then Create Credit Memos/Refunds. I added the

> information to the credit memo and then clicked the Refund button where I

> entered the amount on the check. The Account was set to Account

> Receivables (only selection) and then chose the correct company under

> Customer:Job.

> Is that correct? If so, the Customer still reads -$200 in the Customer

> Job section.

If you now go to Receive Payments and pull up your Customer Job, do you see
the credit memo & the refund? If so, apply them to one another to net to
zero. This will clear the account.

Posted by scfundogs on February 22, 2007, 12:04 pm

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> scfundogs wrote:

>>> I have Quickbooks Pro 2006 Mac. A client recently paid more than I was

>>> owed so I issued a credit memo and refund. The problem is that in the

>>> Customer Job section the balance still reads -$200. Shouldn't a refund

>>> balance this out?

>> When paying the refund by check you assign the Accounts Receivable

>> account in the Write Checks window and select the customer name.

> I chose Customers then Create Credit Memos/Refunds. I added the

> information to the credit memo and then clicked the Refund button where

> I entered the amount on the check. The Account was set to Account

> Receivables (only selection) and then chose the correct company under

> Customer:Job.

> Is that correct? If so, the Customer still reads -$200 in the Customer

> Job section.

That $200 you're seeing is likely (I assume) from the initial
overpayment. Let's say your invoice was $400 and you Received Payments
of $600. That placed the negative $200 in A/R.

Since its already there, you wouldn't choose the Credit Memo/Refund
option because the credit already exists (hope that makes sense). By
using this method you're doubling the credit due.

Find your refund check & void it (in QB). Then find the credit memo
and void it. Now go to Banking > Write Checks and fill it out with
customer name and select Accounts Receivable as the account.

--
Tara