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Best answer June 29, 2021
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It’s great to see you in the Community, simtreasurer86.
I know how important for you to be able to complete the process of writing off the A/R. This will ensure your financial records are in order.
In QBO, you'll need to have an open invoice to apply the credit memo. This is to keep your your accounts receivable and net income stay up-to-date. Check out this article for more details: Write off bad debt in QuickBooks Online.
If this for an item, set up an expense account and create an invoice to write it off. The process will reduce the item count in your inventory.
To create the account:
- Click Accounting on the left panel to choose Chart of Accounts.
- Tap the New menu to open the Account window.
- Press the Account type drop-down to select Expenses.
- Pick Advertising/Promotional for the Detail type.
- Hit Save and close.
Next, create an invoice for the item. Once done, run the Profit and Loss Report to see the income and cost of goods amount.
To complete the process, follow the steps in this article. Make sure to proceed directly to Create a journal entry up to the Apply the credit memo section: Write off inventory items given as promotional samples.
You can read through these articles to learn more about creating a customer refund. From there, you’ll see the steps on how to apply a credit memo and record an overpayment.
- Record a customer refund in QBO
- Create and apply credit memos or delayed credits in QuickBooks Online
- Handle a customer credit or overpayment in QuickBooks Online
Keep in touch if you need help with QuickBooks. I’m more than happy to assist further. Wishing your business continued success.
It’s great to see you in the Community, simtreasurer86.
I know how important for you to be able to complete the process of writing off the A/R. This will ensure your financial records are in order.
In QBO, you'll need to have an open invoice to apply the credit memo. This is to keep your your accounts receivable and net income stay up-to-date. Check out this article for more details: Write off bad debt in QuickBooks Online.
If this for an item, set up an expense account and create an invoice to write it off. The process will reduce the item count in your inventory.
To create the account:
- Click Accounting on the left panel to choose Chart of Accounts.
- Tap the New menu to open the Account window.
- Press the Account type drop-down to select Expenses.
- Pick Advertising/Promotional for the Detail type.
- Hit Save and close.
Next, create an invoice for the item. Once done, run the Profit and Loss Report to see the income and cost of goods amount.
To complete the process, follow the steps in this article. Make sure to proceed directly to Create a journal entry up to the Apply the credit memo section: Write off inventory items given as promotional samples.
You can read through these articles to learn more about creating a customer refund. From there, you’ll see the steps on how to apply a credit memo and record an overpayment.
- Record a customer refund in QBO
- Create and apply credit memos or delayed credits in QuickBooks Online
- Handle a customer credit or overpayment in QuickBooks Online
Keep in touch if you need help with QuickBooks. I’m more than happy to assist further. Wishing your business continued success.
