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transferring a portion of one customer's credit to another customer/job

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. 

 

  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
1 Comment
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QuickBooks Team

transferring a portion of one customer's credit to another customer/job

Hello, @AB77.

 

I'd like to ask a few questions to get a better understanding of what exactly you're trying to achieve in your books.

  • Are you trying to split Credit between two Customers?
  • Are you trying to apply the Journal Entries as Credit?
  • Can you provide more details about how you're recording these transactions that have the Credit?

You can leave me a Reply with more information.

 

In the meantime, here's a Community Article that explains how to record Customer Credit. At this time, there's not a way to split or transfer Credit between Customers. I can submit feedback to our Product Development Team if you like me to do so.

 

I'll keep an eye out for your response. Talk to you soon!

 

 

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