įirst thing to bear in mind is that in QuickBooks Online, a refund can either affect the accounts receivable or just the bank balance. In this regard, if there is an available credit or a negative amount showing in the Open Balance column for a customer, it can be dealt with by processing a r efund. On the other hand, the Refund option can be used to reimburse customers for overpayment or other paid services or items. It is most applicable if a customer return s or cancels an item even before paying for it, or for when they don’t want to get their money back now but want use it as a payment for future purchases.
A Credit Memo can be used to offset an outstanding balance. This is when you need to decide if a Credit Memo or a Refund will be used. There are instances when c ustomers return items that are either paid or unpaid, or sometimes, as a result of unforeseen events such as failure to deliver the merchandise or that the product is not what the customer expected. Depending on the amount, if it is a collectible or an amount to be refunded, below are some tips to make sure that zero customer balances will appear as zero. Some other accounts receivable reports can also be helpful. It is the best starting point to validate whether customer balances are correct.
A regular run through of your C ustomer list will make it easier to identify thi ngs that need to be corrected and it will definitely help you avoid confusion in the future.īy opening the list of Customers, one can easily identify a customer with a zero balance, an unpaid invoice, or an available credit. Making sure that the Customer C enter in QuickBooks appea rs as it should is essential in managing a business. Customers are the lifeblood of every business.
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