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Hello there, @justtannoor.
I'm here to ensure you're able to get a credit memo in a new transaction with your QuickBooks Online (QBO) account. This way, you can keep your sales transactions updated and manage them accordingly.
When a customer overpays an invoice, QuickBooks automatically records a credit. You can easily apply it to a new transaction when receiving an invoice payment. The same thing happens when manually creating a credit memo. It'll appear in the Credits section from the Receive Payments page. With this process, you'll be able to reduce your customer's total existing balance.
Here's how to create a credit memo/credit note:
After that, you can apply the credit memo to an invoice. Here's how:
With QuickBooks, you have the option to automatically apply credit memo/notes. This way, it'll be used as payments for your customer's open invoices. All you have to do is go to the Advanced menu in the Account and Settings page. Then, in the Automation section, enable the Automatically apply credits option.
Please let me know if you have other concerns. I'm just around to help. Take care always.
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