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We have a customer that has several stores. We have them set up as individual stores in our customer file. One of the stores we'll say #1384 paid an invoices double, so a credit was issued for #1384. I received a check and the credit was used for other stores say # 1321. I followed the instruction that I found to do a Journal debiting Accounts Receivable for the amount of the credit using the 1384 and then credited the amount to Accounts Receivable using the 1321. QuickBooks wouldn't let me save the transaction saying I can't use Accounts Receivable in more than one line. How should I transfer this credit?
Have you created a clearing account, monahakb?
You'll want to make sure you create a clearing account first before you proceed to creating journal entries. Here's how:
For a more detailed guide in creating clearing accounts, see Set up a clearing account.
Next step is to create a journal entry to move the credit from the customer to the clearing account:
Third, apply the credit to the Journal Entry created as an unpaid invoice
Fourth, create a journal entry to move the credit from the clearing account to another customer:
Lastly, apply the credit to the unpaid invoice of the other customer:
By following these steps, you'll be able to transfer the credit to another customer.
I'll be right here if you need further assistance.
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