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Level 1

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

We are a contractor with a buildout on a commercial job, we are invoicing both the owner's of the building and the future tenants of the bldg. The tenants overpaid on an invoice and have a credit with us. The tenants would now like for us (contractor) to send the owner's a portion of that credit for payment the Tenants owe the owners? Can I transfer a portion of a credit from one customer to another customer so that the payment comes out of our deposit (bank) and is reflected in the Tenant's credit

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Best answer January 25, 2020

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QuickBooks Team

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

Hi there, @H-IConstruction

 

Thank you for posting to the Community. 

 

Let's create a barter account and get your payment recorded as a barter transaction. 

 

  1. Click List at the top menu bar, then choose Chart of Accounts.
  2. Press CTRL+N on your keyboard to create a new account.
  3. Choose Bank and hit Continue.
  4. You can enter Barter Account as the name and click Save

 

Create a journal entry to move the credit from the Customer 

  1. Click Company Tab, then select Make General Journal Entry
  2. 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. 
  3. On the second line, Credit the Barter Account you created. 
  4. Click Save and Close

Link the Payment or credit to the journal entry 

  1. From the Customers menu, select Customer Center. 
  2. Create Invoice, then under Transactions Tab select Received Payments
  3. From the transactions list, double click the payment.
  4. Put a check mark on the journal entry. 
  5. Click on Discount and Credits 
  6. Hit Save and Close

Create a journal entry to move the credit from the clearing account to another customer: 

  1. From the Company menu, select Make General Journal Entries
  2. 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. 
  3. On the second line, Credit the Barter Account you created.  
  4. Select Save and Close.   

Apply the credit to the unpaid invoice: 

  1. From the Customers menu, select Receive Payments
  2. Select the Customer you are transferring the credits. 
  3. Put a check mark on the appropriate invoice, then select Discounts & Credits.
  4. Go to the Credits tab and select the credit(s) you wish to apply, then select Done
  5. Click Save and Close

By following these steps, you'll be able to transfer the credit to another customer. 

 

I've added additional article to learn more about Transferring credit to another customer: Transfer and apply credit from one vendor to another in QuickBooks Desktop

 

Please mention my name if you need anything else regarding this. I'll be happy to lend a hand. Have a great day!

View solution in original post

6 Comments 6
Highlighted
QuickBooks Team

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

Hi there, @H-IConstruction

 

Thank you for posting to the Community. 

 

Let's create a barter account and get your payment recorded as a barter transaction. 

 

  1. Click List at the top menu bar, then choose Chart of Accounts.
  2. Press CTRL+N on your keyboard to create a new account.
  3. Choose Bank and hit Continue.
  4. You can enter Barter Account as the name and click Save

 

Create a journal entry to move the credit from the Customer 

  1. Click Company Tab, then select Make General Journal Entry
  2. 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. 
  3. On the second line, Credit the Barter Account you created. 
  4. Click Save and Close

Link the Payment or credit to the journal entry 

  1. From the Customers menu, select Customer Center. 
  2. Create Invoice, then under Transactions Tab select Received Payments
  3. From the transactions list, double click the payment.
  4. Put a check mark on the journal entry. 
  5. Click on Discount and Credits 
  6. Hit Save and Close

Create a journal entry to move the credit from the clearing account to another customer: 

  1. From the Company menu, select Make General Journal Entries
  2. 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. 
  3. On the second line, Credit the Barter Account you created.  
  4. Select Save and Close.   

Apply the credit to the unpaid invoice: 

  1. From the Customers menu, select Receive Payments
  2. Select the Customer you are transferring the credits. 
  3. Put a check mark on the appropriate invoice, then select Discounts & Credits.
  4. Go to the Credits tab and select the credit(s) you wish to apply, then select Done
  5. Click Save and Close

By following these steps, you'll be able to transfer the credit to another customer. 

 

I've added additional article to learn more about Transferring credit to another customer: Transfer and apply credit from one vendor to another in QuickBooks Desktop

 

Please mention my name if you need anything else regarding this. I'll be happy to lend a hand. Have a great day!

View solution in original post

Highlighted
Level 1

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

I have completed these 5 steps but and the balance for the customer that the credit is coming from is correct however the customer that I am applying the credit to is short by the amount of the credit. Any ideas why this would happen? 

Highlighted
Level 1

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

I have completed these 5 steps. The balance for the customer that the credit is coming from is correct however the customer that I am applying the credit to is short by the amount of the credit. Any ideas why this would happen? 

Highlighted
Moderator

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

Thanks for sharing your concern with us, AB77.

 

 

You'll want to make sure the Accounts Receivable transferred to the correct account. This is the reason why your customer is short with the amount of credit. To correct this, you can create a journal entry to move the credit from the clearing account to another customer.

 

I'll show you how below:

 

  1. From the Company menu, select Make General Journal Entries.
  2. On the first line, credit the Accounts Receivable with the amount to be transferred. In the Name column, select the Customer:job you are transferring the credit to.
  3. On the second line, debit the Clearing account.
  4. Select Save & Close.

Once done, you can proceed to the step five of the instructions shared by my colleague above.

 

For a more detailed  instructions, you can have this article as your reference: Transfer customer credit from one job to another.

 

If you're still having challenges in transferring a portion of your customer's credit to another customer, feel free to ask assistance from our QuickBooks Care Support. They have the tools like screen sharing to guide you through the whole process.

 

Here are the steps to contact support:

 

  1. Click Help at the top menu and select QuickBooks Desktop Help.
  2. In the Have a Question? window, enter a topic.
  3. Click Contact us.
  4. Hit the Get a callback button.
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Be sure to get back to me if you have follow-up questions by leaving a reply below. I'm always happy to help. Have a good day!

Highlighted
Level 1

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

Thank you Charles. The account balances are now correct but the following shows on the statement for the customer I took the credit from:

 

DateTransactionAmountBalance
1/7/2019PMT-197.27-197.27

 

Is this correct or a sign that I did something wrong?

Highlighted
QuickBooks Team

transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

Thank you for getting back to us here on the Community page, @AB77.

 

If the balances now correct, then you have recorded the transactions or entries correctly. Please know the balance where the credit is coming from should be in a positive amount and the balance of the customer where it's going to should be a negative amount so it can be used to pay an invoice.

 

For more information about refunds and credits in QuickBooks Desktop, read this article: Give your customer a credit or refund in QuickBooks Desktop for Windows.

 

Get back to me if you have any other questions. I'm a few clicks away to help. Have a good day!

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