In QuickBooks, credit memos are used whenever a customer is entitled to a refund for any kind of product or service and acquires store credit.
Such credits arise in the Accounts Receivable section and are recorded in the Customer Center.
It is a crucial point to note that credit memos shoot up the available credit in a particular customer account. QuickBooks allows you to either void or deletes the particular credit memo to eliminate /delete or remove the specific credit available for the client.
It should be also taken into consideration that voiding a credit memo lowers the available credit; however, it still leaves a proper record of the transaction history for all kinds of reference purposes.
Note: Credit memos are recorded and noted in the particular Accounts Receivable register of customers and the company Accounts Receivable registers as well. Hence, when the credit memo from one register is deleted, it automatically deletes it from the other register too.
How to delete credit from a specific customer in QuickBooks?
Here is how to remove a credit memo from a particular invoice if it is wrongly integrated,
- To showcase the transaction history, click Ctrl+ H
- Click on the invoice two times and choose Apply Credits
- On the screen that says, Previously Applied Credit, clear the options for selection for credit
- On the screen, Apply for Credit, choose Done
- On the specific invoice, choose Save and Close
Here is a simple solution to remove a specific vendor credit from a bill,
- Find out the Vendor credit
- Choose the Bill radio button to alter the transaction type to the bill rather than credit and choose Save and Close.
- In the particular resulting bill, alter the transaction back to its credit stage by choosing the Credit radio button.
- Click Save and Close.
- When it will prompt to alter the transaction, choose Yes.
For a business to flourish, it is imperative to maintain a record of the credit given to a customer. Likewise, it is most crucial to delete or remove the credit facility from a customer’s account, when the business or rules ask for it, in order to carry out business operations smoothly.
The steps mentioned above may seem a little tricky; however, they are sure to help you remove/delete credit from a customer in QuickBooks. You need to strictly follow them without making a mistake.
However for any kind of technical difficulty, while initiating the steps mentioned above, you need to get assistance from any certified QuickBooks experts. By connecting with a professional, getting intelligible assistance for tangible results is assured.