How to credit a sale and receivable from a prior (closed) period?

Hi there, WSpit99.

I'd be glad to help you apply a credit to an invoice in QuickBooks Online (QBO).

I've listed the step-by-step process on how to apply a credit to a paid invoice below:

Here's how:

1. From the + New icon, choose Credit memo.
2. Enter the customer's name to be refunded.
3. In the Product/Service column, pick the item being refunded.
4. Add the correct amount you are going to refund the customer before clicking Save and close.
   

Once done, apply the credit to close the invoice.

1. Tap + New.
2. Choose Receive payment.
3. In the Customer dropdown, tick the customer.
4. In the Outstanding Transactions section, select the open invoice you want to apply the credit memo to.
5. In the Credits section, choose the credit memos you want to apply.
6. For the open invoice in the Payment column, enter how much of the credit you want to apply.
7. Leave the Payment method, Reference no, Deposit to, and Amount received fields blank.
8. Fill out the rest of the form, including the Payment date.
9. Make sure the total is correct after applying the credit memo.
10. When you're done, hit Save and close.

You can also use the steps outlined in this article as your reference: Create and apply credit memos or delayed credits in QuickBooks Online

You can always access the Balance Sheet report to review the balance in AR by going to the Reports tab. Then select the amount listed for the  Accounts Receivable account and customize it to show the specific details. 

Additionally, feel free to visit our Help articles page if you have other QuickBooks concerns, such as setting up advanced reports, online banking, managing reconciliation, transactions, import and export data lists, etc.

Feel free to leave a comment below if you have additional questions. I'd be happy to answer them for you. Have a good one. 

Hi again, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Keep safe and have a great rest of the day.