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towhidctg
Level 3

CUSTOMER PAYMENT

Dear,

 

Good Afternoon

 

I need accounting suggestions.

I have one customer who pays us by cash locally which need to return when there foreign headquarters office transfer the all outstanding. How can I book this and maintain one statement for the customer? Now I have to make two outstanding statements. One is for a local office where cash is deducted. And another is where cash not deducted to show full outstanding to their foreign office.

 

Thanks

Towhid

3 Comments
Rea_M
QuickBooks Team

CUSTOMER PAYMENT

You can utilize the sub-customer feature in QuickBooks Online (QBO), @towhidctg. With this, you can book your transactions accordingly and maintain a single statement for your customer and their foreign headquarters office.

 

Here are some reasons you'll create sub-customers:

  • Use sub-customers for members of teams or leagues.
  • Homeowner Associations and Property Management companies often use sub-customers for individual properties.

 

The above-mentioned feature will allow you to do a detailed tracking of your transactions for each of your customers. Then, you can properly account for their payment based on real-life happenings. 

 

To effectively manage your local and foreign customers, you need to create a parent (top-level) customer. Then, you'll have to add both of them as a sub-customer. This will let you combine all of their transactions and can transfer payments that you'll receive.

 

Here's how to create a sub-customer:

  1. Go to the Sales menu.
  2. Select Customers.
  3. Click the New customer button.
  4. Enter your customer’s info.
  5. Mark the Is sub-customer box and enter the parent customer.
  6. Click Save.

 

I've attached a screenshot below that shows the last three steps.

 

After creating all the necessary transactions, you can pull up the Transaction List by Customer report. This way, you can monitor your income and expenses that are grouped by customer. Just go to the Sales and customer section in the Report menu's Standard tab. Then, you can customize the said report to focus on the details that matter most to you. For the detailed steps, you can refer to this article: Customize reports in QuickBooks Online.

 

Please let me know if you have other concerns. I'm just around to help. Take care always.

towhidctg
Level 3

CUSTOMER PAYMENT

THEN WHEN I RETURN THEIR CASH MONEY THAT ONE HOW TO BOOKED?

Charies_M
Moderator

CUSTOMER PAYMENT

Glad to have you back, towhidctg.

 

You can use the Refund receipt feature to record your customer's return cash money in QuickBooks Online (QBO).

 

Below are the instructions on how to do it:

 

  1. Go to the + New icon.
  2. Select Refund receipt.
  3. From the Customer drop-down, choose the customer you want to refund. From the Refund From drop-down, select the bank you deposited the payment for the invoice too. Add all products or services the customer returned in the Product or service column.
  4. Click Save and close.

Find out more about the different ways of recording a customer refund in QBO through the following articles:

In case you encounter customer overpayments in the future, you might want to keep this article handy: Handle a customer credit or overpayment in QuickBooks Online.

 

Get back to me if you need help with something else. I'd be happy to assist. Enjoy the rest of the day!

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