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bobbi-bourk
Level 1

When entering a credit memo in QB online, the sale price of product instead of cost is amount going back into inventory. How do I fix this?

ex. sale price 79.99 cost 32.00 - credit memo is increasing inventory & decreasing COGS by 79.99 instead of 32.00
Solved
Best answer September 15, 2020

Best Answers
Rose-A
Moderator

When entering a credit memo in QB online, the sale price of product instead of cost is amount going back into inventory. How do I fix this?

I'm glad to see you here in the Community, bobbi-bourk.

 

To get this sorted out, you might want to double-check how you set up your inventory item in QuickBooks Online. Ensure that the Sales price/rate is $79.99 and the Cost is $32.00.

 

Here's how:

 

  1. Click the Gear icon at the upper right corner and choose Products and Services.
  2. Edit the item.
  3. Make sure your price and cost are in the correct fields.

Once done, you can delete and recreate the credit memo to synchronize the update. This will fix the issue.

 

However, if you're still getting the same problem, let's clear the browser's cache on your regular web browser or you can press CTRL+Shift and Delete key on your keyboard altogether.

 

I'll be sharing with you this article: Create and apply credit memos or delayed credits in QuickBooks Online. This will provide you steps on how to apply and delete a delayed credit in QuickBooks Online.

 

Let me know the result of this troubleshooting in the comment below. I need to make sure this is resolved and you're back to running your normal business processing. Have a great rest of your day!

View solution in original post

1 Comment
Rose-A
Moderator

When entering a credit memo in QB online, the sale price of product instead of cost is amount going back into inventory. How do I fix this?

I'm glad to see you here in the Community, bobbi-bourk.

 

To get this sorted out, you might want to double-check how you set up your inventory item in QuickBooks Online. Ensure that the Sales price/rate is $79.99 and the Cost is $32.00.

 

Here's how:

 

  1. Click the Gear icon at the upper right corner and choose Products and Services.
  2. Edit the item.
  3. Make sure your price and cost are in the correct fields.

Once done, you can delete and recreate the credit memo to synchronize the update. This will fix the issue.

 

However, if you're still getting the same problem, let's clear the browser's cache on your regular web browser or you can press CTRL+Shift and Delete key on your keyboard altogether.

 

I'll be sharing with you this article: Create and apply credit memos or delayed credits in QuickBooks Online. This will provide you steps on how to apply and delete a delayed credit in QuickBooks Online.

 

Let me know the result of this troubleshooting in the comment below. I need to make sure this is resolved and you're back to running your normal business processing. Have a great rest of your day!

View solution in original post

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