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staffactg
Level 2

I have Customers that have a regular receivable account and then part to go to Financed Receivable account. How do I apply the credits left from A/R to the Financed Receivable invoice?

 
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Best answer February 18, 2019

Best Answers
Kristine Mae
QuickBooks Team

I have Customers that have a regular receivable account and then part to go to Financed Receivable account. How do I apply the credits left from A/R to the Financed Receivable invoice?

Hello there, Staffactg.

 

You can create a journal entry to transfer the amount from A/R to F/R. First, you'll have to set up a clearing account.  This account will act as a middleman for the A/R and F/R accounts. Then, create the journal entry to a clearing account. Lastly, enter the second entry to move it to the F/R account.

Here's how to record a journal entry:

  1. Click Company.
  2. Choose Make General Journal Entries.
  3. Fill in the necessary fields.
  4. Click Save & Close.

Though, I always suggest checking with your accountant on the best way to handle this situation.

 

I've got you an article for future reference: Warning: You cannot use more than one AR or AP account in the same transaction.

 

Feel free to visit us in the Community if you have other concerns. 

View solution in original post

3 Comments
Rasa-LilaM
QuickBooks Team

I have Customers that have a regular receivable account and then part to go to Financed Receivable account. How do I apply the credits left from A/R to the Financed Receivable invoice?

I’m happy to see you in the QuickBooks Community, staffactg.  


I’ll be your guide today, so you’re able to apply the credits left from the A/R to the Financed Receivable.


The steps are as easy as 1, 2, 3. Rest assured, I’ll walk you through the process linking the credit to your invoice.


Here’s how:

 

  1.  Go to Customers at the top menu, then choose Receive Payments.
  2. Click on the drop-down for Received from and select appropriate customer.
  3. Choose the Discounts And Credits icon.
  4. In the Available Credits section, mark the check you created.
  5. Click on Done and Save & Close.

For more insights on how to issue or apply customer credits, check this article: Record a credit memo or refund in QuickBooks Desktop.


That should answer your concern for today.


Please let me know if you have any follow-up questions. I’m always around to answer them. Wishing you the best with your business endeavors.

 

staffactg
Level 2

I have Customers that have a regular receivable account and then part to go to Financed Receivable account. How do I apply the credits left from A/R to the Financed Receivable invoice?

Thank you for that answer.

 

I do know how to  apply those payments as you instructed, however...the A/R and F/R are two different accounts.  This does leave me with an option to apply the remaining funds as a credit when I select apply credits.  Shows as zero and the remaining credits are left in the A/R account.

Kristine Mae
QuickBooks Team

I have Customers that have a regular receivable account and then part to go to Financed Receivable account. How do I apply the credits left from A/R to the Financed Receivable invoice?

Hello there, Staffactg.

 

You can create a journal entry to transfer the amount from A/R to F/R. First, you'll have to set up a clearing account.  This account will act as a middleman for the A/R and F/R accounts. Then, create the journal entry to a clearing account. Lastly, enter the second entry to move it to the F/R account.

Here's how to record a journal entry:

  1. Click Company.
  2. Choose Make General Journal Entries.
  3. Fill in the necessary fields.
  4. Click Save & Close.

Though, I always suggest checking with your accountant on the best way to handle this situation.

 

I've got you an article for future reference: Warning: You cannot use more than one AR or AP account in the same transaction.

 

Feel free to visit us in the Community if you have other concerns. 

View solution in original post

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