![]() ![]() RE: This is a perfect example of when a credit memo can, and should, be issued regardless of QB's limitations. Its accounting impact is the opposite of an Invoice and it can be applied to an invoice to reduce its balance like a customer payment received can be. It also functions as the way to record returns or other allowances against prior sales - where the customer may or may not have made any payments on account and may or may not have a credit balance. In QuickBooks, a credit memo transaction does more than that - than just notify or an account credit balance. ![]() but all a credit memo does is just document that the buyer has a credit balance (regardless of why they have it) with a seller and that they can use that credit memo to reduce the amount due to the seller. Well, I have an accounting degree and have been working in the small business world for a few decades. RE: I'm not sure the extent of your accounting background. You've clarified the need for such a feature. This is probably why Intuit recently added the ability to print this type of "credit memo" from a payment that is only partially applied. Specifically, it results from an unapplied payment amount. ![]() But like a QuickBooks statement, it doesn't exist as an accounting transaction. It's literally a "memo" (a notice) to the customer, that they have an unapplied balance. However the type of thing the OP needed is different sort of "credit memo" than I was thinking about. Credit memo should be issued in this case - they have a credit balance - that's all that is needed to issue a credit memo. ![]()
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