Quickbooks credit memo report4/15/2024 Apply the overpayment to the journal entry. You should see the journal entry and the overpayment from your customer. Now, go to Receive payment and select your customer. Then, create a journal entry: debit A/R (select the customer's name under NAME) and credit the newly-created bank Clearing Account. Next, create a service product called "Customer Overpayment" and select the bank Clearing Account under the Income account drop-down menu. The first thing to do is to create bank account in QBO called "Clearing Account". So, we need to close out the overpayment that you received that is currently sitting as a credit to A/R and then create a credit memo. When you create a credit memo, it credits A/R just as your overpayment did. In QBO, the overpayment is sitting as a credit to A/R. This is another function that is lacking in QB Online that QB Desktop made so easy. Keep advice will not work since you don't want to delete the payment received. Let me know in the comment below if you have further questions about managing your customers' transactions. Void or refund customer payments in QBO.I'm adding these articles if you wish to refund and record your customer in the future: Learn more about handling your customer credit memo here: Handle a customer credit or overpayment in QuickBooks Online. Click the Print, if you wish to print your credit memo.Enter the overpaid amount to the Amount field.Then, you can create a new credit memo for the remaining balance. Enter the Payment Date and Payment Method.From the customer dropdown, choose your customer.If you'd like to delete the original payment transactions, let's try recording the receive payment with the exact amount from customer. This will allow them to view their credit balance. Alternatively, you can print and send customer statements. After that, you can generate a credit memo to account for the remaining overpaid balance. Let me guide you on how to create and print a credit memo, can delete the original payment transaction and then create a new one with the exact amount.
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