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tief10
November 10, 2021
Question

tracking credits and refund payments

  • November 10, 2021
  • 1 reply
  • 0 views

I run a recycling company. I need to create statements for clients that tracks the amount of refundables they accumlate during a timeframe and any pay outs they receive. 

For example, say John Doe brings in $5 in refundables bottles on 10/15/2021, then $3.65 in refundables bottles on 10/21/2021 and then I write a cheque at the end of the month for $8.65.

Should I do this by creating a credit memo and then an expense? Or is there a better way to do it?

Thanks

1 reply

J
JamesM4
November 11, 2021

Hello tief10,

 

QuickBooks is a dynamic program that simplifies the way you manage your accounting. I'll be glad to point you in the right direction so you can get the resolution you need in a timely manner. 

 

Making sure you're recording your transactions properly is an essential step for maintaining clean books. Based on what you've described, I'd recommend reaching out to an accounting professional for expert advice on how to record the transactions. If you're not in contact with a professional, don't worry, you can search for one using this link here. Here's a helpful resource with more info about how to: Create and apply credit memos or delayed credits in QuickBooks Online.

 

I'll also leave this question open in the Community so other accountant users can share their advice. Otherwise, feel free to ask other questions, I've got your back. 

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