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Lydia25
July 12, 2022
Question

Invoice from last fiscal year needs to be zeroed out

  • July 12, 2022
  • 1 reply
  • 0 views

We created an invoice on the last day of our previous fiscal year to bill a customer for a project.

 

The project changed and we ended up issuing a new invoice in our current fiscal year.

 

I need to clear up the balance owing from the invoice from the last fiscal year, as we cannot alter it as all tax filings have already been done.  Should I just issue a credit memo on that invoice to bring it to zero?  It is not a bad debt.   

1 reply

A
Alex M
July 12, 2022

Hi there Lydia25,

 

It's vital that all your transactions be entered correctly so that your books can be accurate. QuickBooks Online is a great tool able to help you keep track of expenses and sales so you can see the profitability of your company. I can point you in the right direction for assistance with this invoice to be corrected.

 

As you mentioned, a credit memo could work, as it can be created in this current period, then applied to the already open invoice. Make sure that the line items in the credit memo match the ones on the invoice so that it can essentially reverse the original invoice.

 

If you have any other questions, feel free to reach out here.

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