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H-IConstruction
January 25, 2020
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transferring a portion of one customer's credit to another custome/job? Can that be done in QB Desktop

  • January 25, 2020
  • 1 reply
  • 0 views

We are a contractor with a buildout on a commercial job, we are invoicing both the owner's of the building and the future tenants of the bldg. The tenants overpaid on an invoice and have a credit with us. The tenants would now like for us (contractor) to send the owner's a portion of that credit for payment the Tenants owe the owners? Can I transfer a portion of a credit from one customer to another customer so that the payment comes out of our deposit (bank) and is reflected in the Tenant's credit

Best answer by AileneA

Hi there, @H-IConstruction. 

 

Thank you for posting to the Community. 

 

Let's create a barter account and get your payment recorded as a barter transaction. 

 

  1. Click List at the top menu bar, then choose Chart of Accounts.
  2. Press CTRL+N on your keyboard to create a new account.
  3. Choose Bank and hit Continue.
  4. You can enter Barter Account as the name and click Save. 

 

Create a journal entry to move the credit from the Customer 

  1. Click Company Tab, then select Make General Journal Entry. 
  2. On the first line, Enter the Account Receivable, then with the amount to be transferred. Make sure you input the name of the Customer under name column. 
  3. On the second line, Credit the Barter Account you created. 
  4. Click Save and Close. 

Link the Payment or credit to the journal entry 

  1. From the Customers menu, select Customer Center. 
  2. Create Invoice, then under Transactions Tab select Received Payments. 
  3. From the transactions list, double click the payment.
  4. Put a check mark on the journal entry. 
  5. Click on Discount and Credits 
  6. Hit Save and Close. 

Create a journal entry to move the credit from the clearing account to another customer: 

  1. From the Company menu, select Make General Journal Entries. 
  2. On the first line, credit the Accounts Receivable with the amount to be transferred. In the Name column, select the Customer name. CTRL+I to create an invoice. 
  3. On the second line, Credit the Barter Account you created.  
  4. Select Save and Close.   

Apply the credit to the unpaid invoice: 

  1. From the Customers menu, select Receive Payments. 
  2. Select the Customer you are transferring the credits. 
  3. Put a check mark on the appropriate invoice, then select Discounts & Credits.
  4. Go to the Credits tab and select the credit(s) you wish to apply, then select Done. 
  5. Click Save and Close. 

By following these steps, you'll be able to transfer the credit to another customer. 

 

I've added additional article to learn more about Transferring credit to another customer: Transfer and apply credit from one vendor to another in QuickBooks Desktop. 

 

Please mention my name if you need anything else regarding this. I'll be happy to lend a hand. Have a great day!

1 reply

A
AileneAAnswer
January 25, 2020

Hi there, @H-IConstruction. 

 

Thank you for posting to the Community. 

 

Let's create a barter account and get your payment recorded as a barter transaction. 

 

  1. Click List at the top menu bar, then choose Chart of Accounts.
  2. Press CTRL+N on your keyboard to create a new account.
  3. Choose Bank and hit Continue.
  4. You can enter Barter Account as the name and click Save. 

 

Create a journal entry to move the credit from the Customer 

  1. Click Company Tab, then select Make General Journal Entry. 
  2. On the first line, Enter the Account Receivable, then with the amount to be transferred. Make sure you input the name of the Customer under name column. 
  3. On the second line, Credit the Barter Account you created. 
  4. Click Save and Close. 

Link the Payment or credit to the journal entry 

  1. From the Customers menu, select Customer Center. 
  2. Create Invoice, then under Transactions Tab select Received Payments. 
  3. From the transactions list, double click the payment.
  4. Put a check mark on the journal entry. 
  5. Click on Discount and Credits 
  6. Hit Save and Close. 

Create a journal entry to move the credit from the clearing account to another customer: 

  1. From the Company menu, select Make General Journal Entries. 
  2. On the first line, credit the Accounts Receivable with the amount to be transferred. In the Name column, select the Customer name. CTRL+I to create an invoice. 
  3. On the second line, Credit the Barter Account you created.  
  4. Select Save and Close.   

Apply the credit to the unpaid invoice: 

  1. From the Customers menu, select Receive Payments. 
  2. Select the Customer you are transferring the credits. 
  3. Put a check mark on the appropriate invoice, then select Discounts & Credits.
  4. Go to the Credits tab and select the credit(s) you wish to apply, then select Done. 
  5. Click Save and Close. 

By following these steps, you'll be able to transfer the credit to another customer. 

 

I've added additional article to learn more about Transferring credit to another customer: Transfer and apply credit from one vendor to another in QuickBooks Desktop. 

 

Please mention my name if you need anything else regarding this. I'll be happy to lend a hand. Have a great day!

    A
    AB77
    March 2, 2020

    I have completed these 5 steps but and the balance for the customer that the credit is coming from is correct however the customer that I am applying the credit to is short by the amount of the credit. Any ideas why this would happen? 

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