I completed the following steps. However, the balance for the customer that the credit is coming from is correct but the customer that I am applying the credit to is short by the amount of the credit. Any ideas why this would happen?
Let's create a barter account and get your payment recorded as a barter transaction.
- Click List at the top menu bar, then choose Chart of Accounts.
- Press CTRL+N on your keyboard to create a new account.
- Choose Bank and hit Continue.
- You can enter Barter Account as the name and click Save.
Create a journal entry to move the credit from the Customer
- Click Company Tab, then select Make General Journal Entry.
- On the first line, Enter the Account Receivable, then with the amount to be transferred. Make sure you input the name of the Customer under name column.
- On the second line, Credit the Barter Account you created.
- Click Save and Close.
Link the Payment or credit to the journal entry
- From the Customers menu, select Customer Center.
- Create Invoice, then under Transactions Tab select Received Payments.
- From the transactions list, double click the payment.
- Put a check mark on the journal entry.
- Click on Discount and Credits
- Hit Save and Close.
Create a journal entry to move the credit from the clearing account to another customer:
- From the Company menu, select Make General Journal Entries.
- On the first line, credit the Accounts Receivable with the amount to be transferred. In the Name column, select the Customer name. CTRL+I to create an invoice.
- On the second line, Credit the Barter Account you created.
- Select Save and Close.
Apply the credit to the unpaid invoice:
- From the Customers menu, select Receive Payments.
- Select the Customer you are transferring the credits.
- Put a check mark on the appropriate invoice, then select Discounts & Credits.
- Go to the Credits tab and select the credit(s) you wish to apply, then select Done.
- Click Save and Close.