I am new to the latest Quickbooks and I am struggling applying credit notes. What does this mean? Here is my problem. I have received a payment for 10 Invoices and 1 Credit Note. How do I match these items? Do I have to apply the credit note to one of the invoices? I just want to keep it as clean as possible so I can understand going forward. With the old system (Quickbooks Pro) I could pick up the credit notes in a seperate tab.
Could someone help me with the best way forward?
Hello there, Matt42.
Thanks for being part of the QuickBooks family. I’m here to provide some information on how to use the credit note.
Congratulations on your new QuickBooks version. The credit note can be issued to track sale, payment, return an item, as a refund or retained in your customer account, and etc.
The process also depends on how you want to apply it to the invoice. Here's how to create the transaction.
Please know you can apply the credit to invoices as long as it does not exceed the amount.
To help give you a better idea on the workflow, check out the Record a credit note or refund in QuickBooks Desktop article.
There you go. After following these steps, your records should be in tiptop shape.
Let me know how this turns out, or if you have any other concerns. I'll be right here ready to help.
Apologies for the length in time coming back to you.
Thank you for your pointers. Makes sense and I have started to match supplier invoices against payments that have landed via the bank feeds that are now up and running.
I use other platforms and what I find strange with QuickBooks is the category tab when I am matching transactions in the bank feed. I understand the concept of the chart of accounts, so for example I have a payment to an employee which has come out of the bank. When its says category do I put that to 2220 - Net Wages? I just want to make it right for the accountant.
Another example is I am matching a payment from a customer. Is the category for that 4000 - Sales as its a sale or does it go against 1200 - The main bank?
This is just confusing me so could you confirm?