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Change Credit Memo to Over Payment Refund after the check has been cashed

Forum|Forum|7 years ago
January 9, 2019
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Hello. I am the treasurer of small HOA. One member sold her house and paid twice the Transfer Fee by mistake. I did a credit memo for the extra Transfer Fee, did a refund check for her and the check has been cashed. Now the A/R Aging Summary Report shows a total of $0.00 for her, but also shows a positive $275.00 on one month for the check when it was cashed and a negative -$275.00 the next month for Credit Memo. Since she moved out of the HOA and she is listed "Customer is inactive", I don’t want her to showing the A/R Summary since it’s a total of $0.00.

My first time doing a credit and looks like I should do a credit for over payment instead a credit memo. I tried changing to an over payment but I can’t figure how to make the cashed check merge with an over payment, and take her off the A/R Aging Summary. Any ideas?

This question might be answered before but my brain was exhausted looking at the posts and comments on this forum. I thought about the changing the filters the A/R Aging Summary but there a lot of filters there.

QuickBooks Desktop

Best answer by BettyJaneB

Hello, @jeffbales.

Allow me to join this thread and provide additional information with this A/R Aging Summary report concern.

To zero out the amount of the check and credit memo on your A/R Aging Summary report. You'll need to make sure that the date for both transactions is the same. Also, ensure that the credit memo was linked to the invoice. However, before making any changes, I'd suggest reaching out to your accountant. This way they'll be able to check on your transactions and keep your records accurate.

You've got us here if there's anything else you need. The Community is always ready to lend a hand. Have a great day!

qbteachmt

Doing the Credit Memo was the mistake; if, you already have negative AR from the double-payment, you just made another Negative AR using the CM. Delete it.

This is not correct: "and looks like I should do a credit for over payment instead a credit memo"

When you first got paid, you would have used Receive Payment and it was too much money = leaves negative AR. Or, you processed it anyway as Transfer fee, so yes, that is what you put on the CM, and you never had Negative AR all this time.

It's one condition or the other.

The name at total = 0 never shows on the AR reporting unless you forgot to Make the one from the other = they need to be linked. With the CM, there is an icon at the top to Refund; that Links them.

Or, you simply use the Transfer fee on the check to refund, and never needed all of this to run through AR at all.

To take ZERO names off of the AR Aging Summary, double-click their 0; here are the Unlinked transactions. Example:

You have an earlier payment and a later invoice, so now you open that original payment to Apply it to the new invoice, and their name disappears from the AR Aging Summary.

In your case, you use Receive Payment, leave the amount as $0 and apply the Available Credit to the refund check, which is a row like an invoice, because you listed AR on it.

Try not to do too many steps for any one thing.

J

jeffbalesAuthor

Did you my read question? I did this over two months ago and the check has already been cashed.

BettyJaneBAnswer

Hello, @jeffbales.

Allow me to join this thread and provide additional information with this A/R Aging Summary report concern.

To zero out the amount of the check and credit memo on your A/R Aging Summary report. You'll need to make sure that the date for both transactions is the same. Also, ensure that the credit memo was linked to the invoice. However, before making any changes, I'd suggest reaching out to your accountant. This way they'll be able to check on your transactions and keep your records accurate.

You've got us here if there's anything else you need. The Community is always ready to lend a hand. Have a great day!

qbteachmt

@BettyJaneB

No, this is a Mistake, to give this guidance: "You'll need to make sure that the date for both transactions is the same." Please learn from my input here.

They are dated for Reality. You don't need them to be the same, if in reality they didn't happen on the same date. You are telling someone to make an error by changing their financial activity dates.

I gave instructions for how to Fix this by applying them Now. This fixes the Status that this is showing Not Applied. All this has is Unapplied Credits and open AR Balances that need to be Applied.

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