Su Brown and Associates, PLLC

  Certified Public Accountants

   77 Southway, Suite B,  P.O. Box 1454,  Lewiston, Idaho  83501

Telephone

208-743-7790

Fax

208-743-7363

QuickBooks Tip

Credits in Accounts Receivable

The newer versions of QuickBooks have made viewing or applying of credits somewhat more difficult.  Credits no longer show up on the Receive Payments screen, instead they are in a secondary screen, behind the Set Credits button

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Applying credits - You can apply a credit with or without receiving a payment.  At the Receive Payments window, enter the customer's name.  If a credit exists it will show up as "Unused Credits".

To apply the credit, highlight the invoice.  If you are applying the credit without receiving a payment and you checkmark the invoice, you will get a message "You cannot apply an amount greater that the total payment plus any existing credits".  Click the OK button.  Click the "Set Credits" button.  If you have checkmarked more than one invoice to apply the credit to, the credit will be applied to the highlighted invoice.  This invoice's information will be displayed in the Set Credit screen.  If you have more than one credit, you can choose the credit to apply and choose the amount to use. 

If applying credits to more than one invoice, you must enter the "Set Credits" on each invoice.

Creating a list of accounts receivable credits - To obtain a report that will identify customer credits, go to Reports, Customers & Receivables, and then Customer Balance Detail.  Go to Modify Reports, then Filter.  Add the filter "Transaction Type" and select "Credit Memo".

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