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VeraO
March 10, 2023
Question

payment correction and refund

  • March 10, 2023
  • 1 reply
  • 0 views

Hello.

Customer A paid an invoice belonging to customer B (the wrong invoice was attached to a payment link). Now customer B has sent payment for the invoice paid by customer A. What are the steps I need to take to a) apply the payment to the invoice for customer B and b) refund the money to customer A in QBO. To make matters a bit more complicated all of this happened last year and our FY closed Dec. 

Thank you.

V

1 reply

A
Alex M
March 10, 2023

Hi there VeraO,

 

It's vital that all your transactions be entered correctly in order for your books to be well-balanced. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you can see the profit of your company. I can point you in the right direction for assistance with these transactions.

 

When it comes to refunding a customer using QuickBooks Pymants to process the refund, you'd need to click on the +New button, then Refund receipt. Select the customer you want to refund, then check the process payment option. If you have their credit card saved to their profile, you'll be able to process it, but if you haven't entered it in their profile, you'll have to key in their card on your end.

 

As for the adjustments needed to make sure all invoices are correctly entered on both customers, as this has an effect on two years, I recommend speaking to your accountant to know what adjustments need to be made so all your customer totals are accurate. Their accounting knowledge will be able to guide you in making the best adjustments so that all your books will be well-balanced. You can invite your accountant to QuickBooks Online so they can see your books by going to the My accountant tab. You can also find an accountant near you that has experience using QuickBooks by clicking the Find a pro to help button located in that section.

 

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

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