You can reach out by posting a response below. That should get you on the right directions, know that I'm here anytime you have additional questions or concerns with QuickBooks. The problem is that when we applied the credit memo as payment, QB tagged that sales tax as 'to be paid', but when we deleted the invoice and credit memo, QB doesnt connect the dots. For the detailed instruction, you can refer to this article: Record a credit memo or refund in QuickBooks Desktop. On the other hand, you will have to apply the credit memo to an invoice or issue a refund (cash, check or credit card) to zero out the credit memo. Click the 'Customers' menu and select 'Customer Center' from the drop-down list. Understand Inventory Assets and COGS tracking.QuickBooks will automatically recalculate the values according to the date you've entered.įor additional reference, you can check these articles: Deleting an invoice Preparing a Credit Memo. Record payment to the correct invoice once the transaction is deleted. Next, delete the payment linking the Credit Memo and the Invoice. Put a check mark on the Use FiFO box and enter the starting date. QuickBooks credit memo is a lot easier than using old - fashioned methods. Turn off Automatically apply credits to decide which open invoices you want to apply credit memos to.Click the Advanced Inventory Settings button.Click the Edit menu and choose Preferences.Here are the steps in fixing the average cost: Through this, QuickBooks computes inventory values based on the assumption that the first inventory items received are the first sold and will also automatically correct the Inventory Valuation reports. To correct or adjust the average cost, you can switch to FIFO (First In, First Out). That should remove the credit from the voided bill payment check. Now, change it back to Credit, then Save and Close. It's nice to have you here in the Community, can share some insights about correcting the average cost and zeroing out the credit memo in QuickBooks Desktop. Change the radio button to Bill and Save ( not Save and Close ), then select Yes on the warning that it is linked.
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