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How can I transfer a credit from one customer to another?
by Intuit•1• Updated 3 months ago
To transfer the credit from one customer to another, you must first create a journal entry and then apply the credit.
Create a journal entry
First, you'll need to follow these steps to create a journal entry for the transfer:
- Select + New.
- Select Journal Entry.
- Enter the date in Journal date.
- On the first line item, select Accounts Receivable (A/R) from the Account dropdown list.
- In the Debits field, enter the amount being transferred.
- In the Memo field, note the reason of the journal entry.
- From the Name dropdown list, select the name of the customer the credit is being transferred from.
- On the second line item, select Accounts Receivable (A/R) from the Account dropdown list. The credit amount and the memo auto populates.
- From the Name dropdown list, select the name of the customer the credit is being transferred to.
- Select Save.
Apply the credit
Next, you'll apply the credit by following these steps:
- Select + New.
- Under Customers, choose Receive Payment.
- Select the name of the customer the credit was transferred from.
- Under Outstanding transactions, check the journal entry you created.
- Under Credits, check the adjustment note you need to transfer.
- Select Save and close. (Note: This removes the credit from the customer you are transferring the money from.)
- Select + New.
- Under Customers, choose Receive Payment.
- Select the name of the customer the credit was transferred to.
- Under Outstanding Transactions, select the invoice you want to apply the credit to.
- Under Credits, find and check the journal entry you created.
- In the Payment column, enter how much of that credit you want to apply.
- Select Save and close.
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