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Kalee Guzzo
July 17, 2020
Question

Holding (waiving) a Payment due by a customer

  • July 17, 2020
  • 1 reply
  • 0 views

I am wondering if there is a way to sort of "waive" a payment - if I set up a customer with recurring monthly payments, and I find that my customer had a hardship/ or in treatment, somehow, they are unable to make a few payments, am I able to go in and "reverse" or "waive" the payments if I feel I can help out during my customers time of need?  

Further to this, if I wanted to do this for a 6 month period of time - is this possible?

And one more thought on this - if my customer is behind on making payments (in arrears) and I would like to go back and "reverse or waive" some of these invoices, is this a possible thing?

Thank you, 

Kalee

1 reply

AddieC
AddieC
July 17, 2020

Hi Kalee Guzzo,

 

These uncertain times have been difficult on many people, and it's great to hear that as a small business owner you're standing with your clients in their time of need. QuickBooks Online is designed to be flexible, and accommodate different scenarios such as this. I'd be happy to explain a few options you can consider if your customer won't be making their usual payment towards their monthly invoice. 

 

When the invoice is created via a recurring transaction, deleting or voiding the invoice won't affect future scheduled transactions. You can consider deleting or voiding the invoice all together, which is very simple. To do that, click the Sales tab, select the invoice from the list, then click More > Void/Delete.

 

Another option is to enter a customer credit. This is easy to do, and it can be applied towards their invoice. To enter a customer credit, click + New > Credit Memo. Then, open your invoice and apply the credit towards it by selecting it from the right-hand side. Keep in mind that this tool is typically used when a customer has overpaid for a product, or requests "store credit" rather than a refund. 

 

Another option is to extend the terms of the transaction to give your customer more time to pay you. This is a good choice if your customer is eventually going to pay, but they need a bit of temporary relief. To do that, click the Gear icon > Recurring transactions > Edit > change the Terms drop-down. 

If you're unsure which option would be best for your accounting needs, I suggest consulting an accountant. Accountants are the best equipped to help you decide how things should be reflected in your books. If you're not yet connected to an accountant, you can find one in your area here: Find a ProAdvisor.

 

If your customer is going to be paying you at a later date, this is something I'd also recommend consulting with your accountant on. They may advise you to halt the recurring transaction for the 6 month period, or extend the terms as mentioned above. Ultimately it's up to you, and it's important that you're able to get the best advice possible for the sake of your bookkeeping. 


If you have any other questions, or if you need a hand completing the task assigned by your accountant, please don't hesitate to reach out to our tech support team. We're here to help. 

 

Cheers!

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