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Hello,
We recently had a customer make a $50,000 deposit on his upcoming project, with the total invoice amount equaling $100,000. He had to back out of the project however, and we are issuing him a refund in two separate amounts of $25,000.
I used the "Refund Receipt" section, and was able to get the data entered in to refund him for $25,000. It now gives me the option to print a check for $25,000 as well. However, the output is not correct. It still says the customer has an open balance of -$50,000. In reality, they should have an open balance of -$25,000.
I can't input a negative value into the refund receipt section. It won't let me. How can we get it to properly display the account's balance?
Hi there, @EthanDale.
Let me help you correct your customer's balance in QuickBooks Online (QBO).
Before we proceed, can you share with the details you've used when recording these transactions in QuickBooks. Any further info would be much appreciated.
Creating a refund receipt won't directly affect your customer's balance since they are posted in the Accounts Receivable.
If you wish to record a refund for paid invoices, you'll have to create a memo. Here's how:
This should now affects your customer's balance.
For more info, you can check out this article: How to refund a customer in QuickBooks Online.
Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.
I followed your steps, but unfortunately, it made the situation worse. Now, the customer has a balance of -$75,000 in the Accounts Receivable Aging Summary. He should have a balance of $-25,000. What went wrong?
@ReymondO wrote:Hi there, @EthanDale.
If you wish to record a refund for paid invoices, you'll have to create a memo. Here's how:
- Click + New and select Credit memo.
- In the Customer field, choose the appropriate customer.
- Enter the Credit Memo Date, Amount, Tax, and Product/Service (This is the category, product, or service you’re getting a credit for).
- Select Save and close.
This should now affects your customer's balance.
For more info, you can check out this article: How to refund a customer in QuickBooks Online.
Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.
I'm here to help make sure you're able to fix -$75 000 and properly link your refund, @EthanDale.
Since you're trying to record a refund for a customer that made a prepayment for a project but canceled. That said, you'll need to record the refund as a check or expenses to reduce your bank's balance and offsets the customer's open credit, overpayment, or prepayment.
To fix the -$75,000 of your customer balance, you'll have to delete the credit memo created. Just open the transaction, click the More, then select Delete. Tap the Yes button to confirm.
Then, you can now use a check or expense for the refund. Follow the steps below:
Once done, link the refund to the customer's credit or overpayment.
Here's how:
For more information, see this article and proceed to Refund a customer's overpayment or credit section: How to refund a customer in QuickBooks Online.
In case you want to track all the refund receipts that you've processed for the year. You can customize the Transaction List by Customer report. I'm sharing these articles about running reports in case you might need them in your future tasks:
Feel free to visit our Sales and customers page for more insights about managing your company's income and customers.
If there is anything else I can do to help you in creating a refund or any QuickBooks concerns, please post a response below. I'm always available to help in case you need it. Have a good one, @EthanDale.
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