How to run a Credit Memo and RELATIVE Invoices with applied Credit Memo payments report?

Creating a comprehensive monthly report that shows a client's pre-paid credit memo transactions relating to applied payments and balances can provide clear financial transparency. I'm here to help you achieve this, Scott.

To start, let's generate a Transactions List by Customer report to see the sales receipt that was paid by check at the beginning of the year and the initial credit memo:

1. Hover to the left panel, then choose Reports.
2. In the search tab, enter Transaction List by Customer report.
3. Click the Columns tab, then tick the Memo/Description, Transaction Type, and everything you want to include in your report.
4. Go to Filters, then add a condition.
5. Click Customers, Equals, then choose a Customer.
   

    

Once done, let's run another report called Invoice and Received Payments to see the invoices with applied credit memo:

1. With the same process, search for Invoice and Received Payments.
2. Click Customize, then select Rows/Columns.
3. Tick the Transaction Type, Memo/Description, and the rest of the information you want to include in your report.
4. Click Filter, then choose the customer you want to add.
5. Select Run Report. 
   

Since we can't customize the report specifically for invoices that have credit memos applied, I recommend exporting your report and then manually editing it using your Excel.

Then, to see the remaining credit memo or balance your customer has, we can go directly to their profile instead of running a report:

1. In the left panel, choose Customers & Leads.
2. Select Customers, then locate your customer who has a credit memo.
3. From there, you'll see a summary of your customer's Open Balance.
   

By customizing these reports in QBO and manually filtering or exporting them to Excel for additional adjustments, you can generate a clear and specific report.

Once done, you might want to save your customized report so you can easily access and reuse specific report configurations, saving time and ensuring consistency in financial analysis and reporting.

Moreover, did you know that you can schedule a free consultation with our QuickBooks Live Expert Assisted? They can offer tips and guidance about managing your QuickBooks Online account, specifically for reports.

Utilizing the steps above can keep your client informed about their pre-paid credits, credit applications, and remaining balances. If you have additional concerns, I'll be here to lend a hand, Scott.

Thanks for writing all this. As you concluded, even after running these separate reports, I still have to create an Excel spreadsheet with the data from the reports to tie them all together.

I was hoping QBO would have a way to click one report and have everything on there related to the Pre-paid Credit Memo from the Sales Receipt, Credit Memo, Invoices, and applied credit memo Payment.

Suggestion for your development team : I suggest adding Tags to all Transaction types and being able to filter the Transaction List by Customer report using Tags. Tags are only currently available on Invoices, but they should also be available on all Transaction types -- Invoice (already), Payment, Sales Receipt, Credit Memo.

Then add Tags as a filter condition to the Transaction List by Customer report.

In my example, I would be able to enter a tag, say I call it "CM001", on the Sales Receipt when my customer sends me a pre-paid check for $10,000 at the start of the year, and add the "CM001" tag to the $10,000 Credit Memo I create for them, add the "CM001" tag to the $1,000 Invoice that I create each month, and add the "CM001" tag to the Payment where I apply $1,000 credit from the Credit Memo balance.

Then when I run the Transaction List by Customer report, I would filter by Tag = "CM001" and all these items and only these items would show on the report! Tags would link all these transaction types together! 

It looks like QBO already has Tags for transaction types Invoice, Sales Receipt, and Credit Memo! And the Transaction List by Customer can filter by Tags (my tag was listed under the Ungrouped Tags filter)!

So this is mostly there.

The only thing I don't see is Tags for Payment transaction types. I'm looking under Settings --> Account and Settings --> Sales and I only see the Tags option under Sales Form Content. And looking on the Payment transaction screen, I don't see a field for Tags. Am I missing it?

If Payment transaction types could also have Tags, I think the report would link everything together full circle.

Thanks for following up with the Community, scottkeen.

I can certainly understand how an ability to add tags to payment transactions could be useful and have submitted a suggestion about it as of today.

You can also submit your own feature requests while signed in.

Here's how:

1. Use the Gear icon, then go to Feedback.
2. Enter your product suggestion(s).
3. Select Next.

Your feedback's definitely valuable to Intuit. It will be reviewed by our Product Development team and considered in future updates. You can stay up-to-date with the latest news about your product by reviewing Intuit's Product Updates webpage.

I've also included a couple detailed resources about working with tags which may come in handy moving forward:

• Tag transactions
• What are tags & why should I use them?

If there's any additional questions, I'm just a post away. Have an awesome Friday!