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QB Version 2014, client returns product (Inventory Item) and purchases new product. How do I process this in QB.

Using Desktop 2014, client returns product (inventory item) purchases new item that is more money.  Need to enter this so the original product is returned to inventory and then allow the "credit" to be applied towards the new purchase.  I DO NOT USE INVOICING.  Can anyone help?

Thank you.

 

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QuickBooks Team

QB Version 2014, client returns product (Inventory Item) and purchases new product. How do I process this in QB.

Hello Brendee,


Let’s get these transactions sorted out for you.


How did you record the original purchase? Did you create a Sales Receipt? If yes, you can create a credit memo to return the item back to the inventory.


However, you won’t be able to apply the credit to a new sales receipt transaction. You’ll need to create an invoice to use it as payment to the new purchase item.


To create a credit memo:

  1. Go to Customers at the top menu bar, pick Create Credit Memos/Refunds.
  2. From the Customer: Job drop-down, choose the appropriate Customer.
  3. Enter the returned items in the line item area, then select Save & Close.
  4. On the Available Credit window, pick Retain as an available credit.
  5. Click OK.

To create an invoice:

  1. Go to Customers at the top menu bar, select Create Invoices.
  2. From the Customer: Job drop-down, pick the appropriate Customer.
  3. Enter the detail of the new item in the line item area.
  4. Click Save and Close.
  5. In the Available Credits dialog box, choose Yes.
  6. Make sure the Available Credits box has a checkmark on it, then select Done.

If the new purchase cost more than the original one, you need to re-open the invoice. Then click the Receive Payments button to record the amount that isn’t covered by the credit.


If this option won’t work for you, you can still create a Credit Memo for that customer, then give it as a refund instead of a credit.


Here’s how:

  1. Go to Customers at the top menu bar, select Create Credit Memos/Refunds.
  2. From the Customer: Job drop-down, pick the appropriate Customer.
  3. Enter the returned items in the line item area, then choose Save & Close.
  4. On the Available Credit window, select Give a refund, then click OK.

For further details about the process, check out this article:

 

Record a credit memo or refund in QuickBooks Desktop

 

Any of these options can help record the items back to your Inventory List and use the remaining balance either as credit or refund.


Let me know if you’re recording your transactions in a different way. I’m here to keep helping.

 

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Level 1

QB Version 2014, client returns product (Inventory Item) and purchases new product. How do I process this in QB.

Vivien, Thank you so much.  I will try this.  Most of this I knew how to do, I just couldn't figure out how to use the previous credit for the new product because I don't invoice.  Appreciate your help.

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