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Not sure how to reconcile invoice, credit memo, and payment

We are using QB Desktop Pro 2019.  We have a client that carries our products in multiple stores.  A unique invoice is required for each store when products are delivered.  We have recently discontinued some products and replaced them with different ones.  The client requested a credit on the products that were replaced.

 

The transactions are as follows:

 

One store was issued a credit memo (#2243) in the amount of $90 and a corresponding invoice (#2242) of $59.76, resulting in a remaining credit of $30.24

 

Another store was issued a credit memo (# 2261) in the amount of $60 and a corresponding invoice (#2263) of $93.39, resulting in a debit of $33.39

 

The client combined the two balances and issued a check in the amount of $3.15 (the difference of the $30.24 credit from the first store and 33.39 debit from the second store)

 

My dilemma is that I’m unsure how to record the client’s payment to ensure everything will reconcile correctly across all invoices.

 

Any advice would be greatly appreciated. 

1 Comment
QuickBooks Team

Re: Not sure how to reconcile invoice, credit memo, and payment

Hi there, @reiddg,

 

Let's record the client's payment to ensure an accurate and correct bank reconciliation.

 

I suggest following the steps listed below on how to accomplish this:

 

Step 1: Receive a payment from Store1 with the exact amount on an invoice. Then, create a credit memo of $30.24.
store1.PNG

Step 2: Receive a payment from Store2 with the amount of $60. Thus, resulting an underpayment of $33.39.
store2.PNG

Step 3. Make a bank deposit for the $3.15 amount.
makedeposit.PNG

Step 4. Receive a payment to link the deposit and the credit memo to zero out the balance of the invoice. This will transfer the credit to another job.
linkpayment.PNG linkpayment1.PNG

 

To help you with the reconciliation, check this out for your guidance: Reconcile bank and credit card accounts in QuickBooks Desktop.

 

Should you have follow-up questions, please let me know. I'll get back to your with the information you need.