Quicken & Other Budget/Accounting Software/Reverse credit / discount

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Question
I have recorded a payment and added a credit for the unpaid balance.  Now they customer can pay the balance and I have issued an invoice for the balance.  Looking on my GL AR shows Invoice and payment.  The credit amount is also showing under expense fees as payment. How do I zero this payment out?

Answer
Hi JoAnn

Depending upon when the original invoice was created, it would be
correct showing the additional credit

If the original invoice was created in 2012, then 2012 would have shown REVENUE
yet... you were not paid in 2012
So you credited the invoice in full in 2013....which will OFFSET the Revenue
reported in 2012.

The second invoice created so that the payment "has a home"  is AGAIN creating
Revenue, and this one was indeed paid.  

Bottom line...your profit and loss is reported correcty.
The credit will negate the 2nd Invoice in your profit and loss.

Looking at it a different way
1st invoice - generated Sales/revenue
Credit memo - reduced sales /revenue
2nd Invoice - generated sales/revenue
__________________________________
What are you left with :?????
1 invoice that generated Sales, which would be correct
Because you received payment for that.


You dont need to fix anything.
The customer balance should show no money due.


Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
http://www.qbalance.com

We sell and support QuickBooks Enterprise
http://www.qbalance.com/enterprise_quickbooks.htm  

Quicken & Other Budget/Accounting Software

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Linda Saltz, CPA, QBalance.com

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