I have a vendor and a customer who are one in the same. I have sent some product out for that vendor/customer and sent them an invoice. They are now wanting to use a credit memo for the invoice I sent them. How do I record that in QB?
If you’re referring to applying a customer credit to their invoice, the system will prompt you this process proactively. When creating an invoice, you’ll receive a pop-up message about their available credits that can be applied to their invoice.
Though, if you’re referring to applying a vendor credit to a customer’s invoice, you’ll need a clearing account to start with. This is an account you use to move money from one account to another when you cannot move it directly.