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liz44
Level 2

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

 
5 Comments 5
ReyJohn_D
Moderator

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

You've come to the right place,@liz44.

 

Applying credits to already paid customer's invoice is made easy in QuickBooks Online. If you haven't created a credit memo yet, you can create one and apply it later on to the customer's invoice. Here's how:

 

  1. Click the Plus (+) icon then choose Credit Memo.
  2. Select the customer name then enter the Credit Memo Date.
  3. Fill out the Service DateProduct/Service, and Amount fields. You may also fill in other fields (DescriptionQTYRate) if needed.
  4. Click Save and close once done.

However, if you already created the credit memo, you can proceed in applying it to the invoice. Below are the steps that you can follow:

  1. Click Sales in the left navigation bar.
  2. Select the Customers tab then locate and click the customer's name.
  3. Look for the invoice you want to apply the credit to and click Receive Payment.
  4.  Enter the Payment DatePayment methodReference no. (if necessary) and the Deposit to account in the Receive Payment window.
  5. In the Outstanding Transactions section, make sure that the correct invoice is selected.
  6. Make sure the correct credit memo is selected in the Credits section.
  7. Click Save and close once done.

I've added an article to learn more about how credit memo works in QuickBooks Online. This way, you'll be able to manage your credit memos effectively and efficiently for your business' advantage.

Moreover, you may read this article to learn more about how to customize your invoices in QuickBooks Online. This way, you'll see the details you wanted to pull up for your invoices.

 

Consider checking out this awesome help article for more tips in case you have other QuickBooks concerns, such as setting up payments and online banking, tracking projects, income and expenses, managing inventories, etc. This way, you'll have better options on how to run your business smoothly.

 

Fill me in if you have more questions by leaving a comment below. I'll be here to help you achieve your goals. Have a good one and take care always!

liz44
Level 2

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

Thank you ReyJohn_D - I am hoping that you are safe and well. What if the credited amount applies to multiple invoices? Can one credit memo apply to multiple invoices? Or do you have to create a credit memo for each invoice? 

We are trying to make this process the least cumbersome as possible.  Any input greatly appreciated.

Steve_C
QuickBooks Team

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

Hi liz44. Thanks for the response, I'm glad the process ReyJohn_D provided was able to point you in the right direction. I'll go ahead and give you a quick run-through on receiving payment on multiple invoices with the credit memo. This can only be done for all invoices per customer, but will still speed the process up quite a bit for you. Here's how:

  1. Once the credit memo is created for the customer, select the +New button and then hit Receive Payment
  2. Now, select the customer from the drop-down in the top left corner. 
  3. After the customer is selected, you will see the outstanding transaction section will produce all the open invoices. Select all those you wish the credit to be applied to. 
  4. Scroll now to the bottom and select the check-box next to the Credit. 
  5. Ensure everything looks correct one last time and then select Save in the bottom right corner. 

Now the credit memo will be applied to all the invoices you selected. If the invoices are already marked as paid, this may not work. However, any invoices that are not marked as paid can be easily credited with this method. If there's anything else I can do, just leave a reply. 

 

liz44
Level 2

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

Thanks Steve_C - We will try it out! Hoping to make it as painless as possible. 

Steve_C
QuickBooks Team

What is the best way to apply credit to already "paid" closed invoices? Due to covid -19 - we need to credit invoices paid in full.

Thanks for the reply liz44. I always want to make things as easy as possible. If there's anything else you need please don't hesitate to come back. Someone's always ready to help in the community. 

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