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Level 1

credit memo not showing up in matched transactions

Hi,

When my customer pays their final power bill we refund them 100$ on their credit card (not doing this through QB, but rather through my reservation software).  I show the 100 refund in QB by creating a credit memo for 100.

 

In this example my credit card processor sent me 275 as a total bank deposit.  That included where another customer paid me 375 and where they sent the 100 back to my original customer.

 

So now I have a deposit that is pulled into QB as 275.  I have already created a credit in QB for 100 and I have an invoice for 375.  When I go into Banking and try to apply the 275 payment  I am selecting Match Transactions.  The 375 invoice is there but the 100 credit does not show up.  I am then unable to apply the 375 payment for my other customer because it looks like I've only received 275, but it is only because I gave another customer 100 back.  

 

Sorry, I know that my explanation is basic. I am not an accountant!  I've just got to figure this out.  Thank you very much for any responses .  Shari

1 Comment
QuickBooks Team

credit memo not showing up in matched transactions

Thanks for posting to the Community, @Shari D.

 

A credit memo is a posting transaction that is applied to a customer's payment or reduction. It only transfers the total balance but not the individual transactions.

 

You can check the total bank deposit and click Find match. Check what transaction types are revealing in the Show drop-down list. It won't show a credit memo other than transactions on the list.

 

To resolve this, you have to exclude the downloaded total bank deposit that is 275 and then manually create a Receive payment and then linked it to the outstanding credit (credit memo).

 

Let me show you how:

  1. Go to Banking and then select Banking.
  2. Select For Review tab.
  3. Check the box of the downloaded bank deposit transaction.
  4. Under Batch actions, click Exclude selected.

Create a receive payment for the invoice amounting to 375.

  1. Go to + New and then select Receive payment.
  2. Check the boxes on the Outstanding Transaction and Credits.
  3. Hit Save and new.

 

I'll add this article as your reference, you can refer to this article on how to record refund in QuickBooks Online: Enter and apply credit memos and delayed credits in QuickBooks Online.

 

Please feel free to leave a message to this post for more questions. I'll be around to help. Stay safe!

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