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arkvalleyinfo
December 11, 2018
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How to record entry for customer return goods in quickbooks？

  • December 11, 2018
  • 2 replies
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we sold out goods in 2014, we already filed the tax return in 2014 and 2015, but customer returned goods in 2017,

 so please give the best and right ways how to record the entries now.


when issue a credit memo, the inventory does not show the right cost.


Thanks very much

Best answer by Raywhite28

Just issue a credit memo for the returned merchandise. Date it in 2017. That's when it was returned. It doesn't matter when it was bought.

2 replies

Raywhite28
Raywhite28Answer
December 11, 2018

Just issue a credit memo for the returned merchandise. Date it in 2017. That's when it was returned. It doesn't matter when it was bought.

Rustler
Rustler
December 11, 2018

@ lucky

If you use the item on the credit memo/refund, then that item will be returned to stock as if it were new

accepting a return 3 years later, I doubt it is in new condition and ready for sale

I would create a non inventory item called return-noitem, set the expense account on the item screen to a discount account (it should be a sales discount income account, but if you already have a discount expense account use that)

On the customer credit, use that item enter the amount as a positive


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