Quickbooks Refund Customer License From Intuit

However, some businesses will still experience overpayments, especially if they accept payment after the delivery of goods and services.

When this occurs, its important for business owners to issue a refund to the respective customer for the difference.

This is done by subtracting the actual product or service price from the customers payment.

If the customer paid 600 for a product that costs 500, for instance, the overpayment amount is 100.

Whether the overpayment is 100, 1,000 or just 10 cents, you should still issue a refund.

Secondly, it helps to keep your books in order, making tax time a little easier come next April.

After logging in to your account, access the Open Invoices report and find the credit with a Payment type transaction.

Next, open the Payment transaction, at which point you should see the Customer Payment window appear on your screen.

At the bottom of the Customer Payment window, you should an option for Refund the amount to the customer.

Double check the information to ensure the overpaymentrefund amount is correct, at which point you can issue the refund.

Congratulations, youve just issued a refund for an overpayment.

Journal Entries are notes that can help you remember activity within your account.

Theres certainly no requirement forcing you to create a Journal Entry for an overpayment and subsequent and refund, but doing so can help keep your books in order.

Quickbooks Refund Customer License From Intuit

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