Create and Apply Credit Memos or Delayed Credits in QuickBooks Online

by James Antonio

QuickBooks Online has been the one name that stands for the efficient execution of all of your financial activities and thus you must be familiar with most of its terms. One of such terms is a credit memo. Follow the steps to create and Apply Credit Memos in QuickBooks Online.

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What is a Credit Memo in QuickBooks Online?

At times, if the customer demands a refund, or wishes to get a credit, or even redeem the extra payments that they have done against the original amount, you can leverage the credit memo feature on QuickBooks Online.

Using a credit memo would help the customers to reduce the payable amount for balancing out the additional amount for current use.

Issuing a credit memo to a customer means for immediate use, unlike delayed credits which are redeemable for future use.

Why You Need to Create Credit Memos?

A typical credit memo is created for multiple reasons. Look at a few of the most generic reasons for which you need to create a credit memo:

  • The customer has paid extra than what was originally billed or owed
  • There is a return of product
  • A refund has been requested
  • A certain amount of store credit is being sanctioned or given
  • The credit memo can be applied for a given customer with respect to an open invoice associated with it.

But how would you create a credit memo and apply it to an invoice?

Well, that’s what this article is here for. Let this article be your guiding light for finding the right directions to creating and applying credit memos on QuickBooks Online.

Steps to Create Credit Memos in QuickBooks Online

Step 1: Tap on the Plus (+) icon and choose Credit Memo

Step 2: Select the customer’s name for which you are willing to create the credit memo

Step 3: Insert the date of the Credit Memo

Step 4: Insert the vital information

Step 5: Select Save and close to successfully create the credit memo

Steps to Apply Credit Memos in QuickBooks Online

Step 1: From the left pane, choose Sales

Step 2: Select and click on the customer’s name for which you are willing to apply the credit memo

Step 3: Find the invoice for which you wish to apply the credit memo to and tap on Receive Payment

Step 4: Input all the important information required once you land on the Receive Payment window

Step 5: Ensure that you have chosen the right invoice by visiting the Outstanding Transactions section

Step 6: Select Save and close to successfully apply the credit memo to an open invoice

Creating and applying credit memos on QuickBooks Online gets so much simpler now, isn’t it? Well, the steps mentioned above should guide you adequately enough for creating and applying credit memos on QuickBooks Online.

However, for practical application of creating and applying credit memos on QuickBooks Online, if you face challenges or difficulties, you can seek professional expertise.

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What is a Delayed Credit in QuickBooks Online?

A delayed credit can be used for tracking a customer’s credit which is going to be redeemed in the future instead of having it being used as an immediate effect.

When a delayed credit is used, your customer’s open balance is not affected and can reduce the payable amount of their next invoice by balancing it out with the delayed credit amount applied.

The addition of delayed credit to future invoices can be done as a line item. Until applied to invoices, delayed credits are known for not affecting the sales reports, unlike credit memos.

How can I Create and Apply Delayed Credits in QuickBooks Online?

Now you can easily create and apply delayed credits in QuickBooks Online. For creation and applying for the delayed credits in QuickBooks Online, there are specified steps that need to be followed:

Creation of Delayed Credits

Tap on the icon which beams as +New
Choose Delayed Credit
From the Customer Drop-Down, choose the customer’s name for which you wish to create the delayed credit
Details like amount, the date must be entered
Once done, hit Save and Close

Application of Delayed Credits

Tap on the icon which beams as +New
Choose Invoice
Tap on Customer from the Customer drop-down which shall roll down the list of open transactions which are listed for this respective customer
Locate Delayed Credit and choose Add
The rest of the form needs to be filled out
Once done, hit Save and Close/Save and Stamp

How to Turn on the Credit Note Auto-Apply Feature?

Other than creating and applying credit memos manually, you can now automate the creation and application of credit memos in QuickBooks. For this, you need to turn on or enable the credit note auto-apply feature.

The credit note can be applied to either open invoices or customers’ balances.

Visit Settings
Choose Account and Settings
Click on Advanced
Tap Edit that you can find in the Automation section
Choose Automatically apply for credits
Press Save followed by Done

If you feel you want to turn off or disable the credit note auto-apply feature, you can also choose to do the same at any given point in time.

I am not being able to link my bank account to QuickBooks Online. Can that be a reason why the Credit Memo option is not appearing for me?

If the Credit Memo option is not appearing for you, it might be some cache problem that is hindering the way.

Try accessing the Credit Memo option from various private browsers.

Google Chrome: (press Ctrl + Shift + N)
Safari: (press Command + Shift + N)
Internet Explorer: (press Ctrl + Shift + P)
Mozilla Firefox: (press Ctrl + Shift + P)

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