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meredith096
September 17, 2022
Question

Applying Credit Memos to invoices and estimates

  • September 17, 2022
  • 1 reply
  • 0 views

Hi, 

 

How can I apply credit memos to both a progress-based invoice and it's corresponding estimate? I'm trying to find an automated way of applying the credit memo at the same time to both templates. Once I create a credit memo and apply it to the invoice, it brings the open balance of the invoice down to 0 which is fine but then I'm left with the open balance of the estimate as higher than what is actually being billed to the client which creates inaccurate reporting and confusion when tracking the thousands of purchase orders I keep track of. I've seen this similar question posed on here but can't seem to find an answer... 

 

To give a more specific example of what I'm looking for, say I have a $10,000 estimate and created an invoice based on the estimate for $500 and submitted said invoice to my client. Now I was just told that check shouldn't have been invoiced so I need to create a $500 credit memo to apply to an upcoming invoice of $2,000. Once that new invoice is created, I apply the credit memo to the new invoice meaning I've technically only invoiced my client $2,000 out of the $10,000 but the estimate says I've "invoiced" $2,500 as the credit memo is not translating over to the estimate. If I create a new line item in the estimate as -$500, it's going to show that the beginning estimate amount is actually $9,500 not $10,000 which isn't correct. Also, deleting the 1st invoice of $500 isn't possible as that needs to be tracked as it was invoiced and I'm waiting for payment on that and I need to keep a record of what was invoiced against the project even if I have applied credits.

 

Is there a way to apply the credit memo to the estimate at the same time I'm applying it to an invoice? I'm sure there's a manual work around to do this but that's not feasible as that would be impossible to do with all the projects I maintain. 

 

TIA :) 

1 reply

C
CharleneMaeF
September 17, 2022

Applying the credit memo to the estimate and invoice is a great feature, meredith096. 

 

As of now, we're unable to apply the credit memo to the estimate. We can only link it to your invoice. Here's how:

 

  1. When you create the credit memo, make sure you select Customer: Job. This will open the Apply Credit to Invoice window.
  2. Select the credit you want to apply automatically.
  3. Click Done.

 

For more details, please see this article: Give your Customer Credit or Refund.

 

Since the option is unavailable, I recommend sending a feedback request to our Product Development team to improve the program's features. I'll show you how:

 

  1. Go to the Help menu and then select Send Feedback Online.
  2. Choose Product Suggestion.
  3. Add the type of feedback.
  4. Type in your feature suggestion.
  5. Once done, click Send Feedback.

 

Additionally, I've added an article that'll help you keep track of your sales and income in QuickBooks Desktop: Customize Customer, Job, and Sales Reports.

 

I'm only a few clicks away if you need assistance tracking and managing your sales transactions. It's always my pleasure to help you out.

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