Delete Available Credit in QuickBooks

Mistakenly applied the credit to the customer account and now looking for steps to delete it? Learn how can you […]

Mistakenly applied the credit to the customer account and now looking for steps to delete it? Learn how can you delete available Credit in QuickBooks.

It happens to the best of us, so do not fret. QuickBooks provides the feature of applying a Credit Memo when you want to refund a customer against a product or service. The customer account will receive store credit for this. The credits will appear in the account receivable register within the customer centres, and credit memos will increase the available credit in the customer account.

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You can opt of deleting or voiding the available credit in the customer account if you have incorrectly applied it. If you choose to void the credit, it would reduce the credit memo in the customer’s account but the record of the transaction will still appear in your books of accounts for reference purposes.

We will discuss the deletion of the available credit process in the next section.

Steps to Delete Available Credit in QuickBooks

If you have mistakenly marked Credit to a Customer Account i.e., Statement, Invoice, or Bill, You can un apply, Remove or Delete the available credit by following below simple steps:

Removing Available Credit from the Customer Statement

For deleting the available credit from the customer statement, you can follow the below steps:

Step 1. First of all, Open QuickBooks and Go to the Top Menu Bar and click on Customers and after that Click on Customer Centre.

Step 2. In the Second step, You need to Click to Find the Name of the Customer and Open the Credit Memo Against their Name.

Step 3. Now you Need to Go above the Customer’s Name and Click on the ‘Mark as Pending‘ icon.

Step 4. Once you Click on the ‘Mark as Pending‘ icon, there will be a Pending Non-posting Message below Credit Memo.

Removing Available Credit from the Customer Statement

Step 5. In this step, Click on Save and Close and then click on Yes in the Recording Transaction Box.

Once you have taken care of the above steps, you will no longer see the available credit on the customer statement. And don’t worry it will not affect your accounting records, you can mark it back to the final when you have the final invoice available for applying it to.

Deleting Available Credit from the Invoice

For deleting the credit available from the invoice, you need to follow the below steps:

Step 1. At the Initial Step, You need to Go to the Transaction History in QuickBooks by Pressing Ctrl + H together.

Step 2. In this step, You need to double-click the Invoice from Which you wish to Delete the Available Credit and Click on Apply Credits.

Step 3. Now Go to the Previously Apply Credits Window and Clear the Selection for Credit.

Step 4. In the Fourth step, Click on the Done on Apply Credits Window and then click on Save and Close on the Invoice.

Deleting Available Credit from the Bill

Step 1. First of all, You need to find the Vendor Credit in QuickBooks.

Step 2. Now in this step, You need to Select the Bill Radio Button and Change the Transaction type to the Bill instead of Credit and then Click on the Save and Close Button.

Step 3. Once the Bill comes up on the screen, You need to Change the Transaction Back to the Credit by Selecting the Credit Radio Button and Click on Save & Close once Again.

Step 4. And Lastly, When a Prompt Appears on the Screen about Changing the Transaction Click on Yes.

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Frequently Asked Questions

Can you List Down the steps to Clear or Remove old Vendor Invoices/ Credit Memos in QuickBooks?

Start the process by clicking on Lists on the menu > then select the chart of accounts. After that select the account menu and click on new. After that, you will have to select expense and then click on continue, enter the account name for example old vendor invoice and click on the save and close button.

What are the Process Steps to Delete an open Balance in QuickBooks?

You need to first click on the gear icon and then choose the chart of accounts. Now click on view register after choosing the correct account. Go to the filter icon and click on the drop-down menu and type ‘opening balance’ and then click on apply. Once the opening balance shows up on the screen click on it, click on next, and then click edit. After that, click on the deposit transactions screen, click more at the bottom of the screen and choose delete.

How can I see the Credit Memos Already Applied in QuickBooks?

You need to start the procedure by clicking on customers > then click on customer centre. After that, you need to click on the customer name and then click the invoice in the transaction tab. Now click on the Reports tab at the top of your invoice and click on transaction history. Now you will see the credit details under the payments, the deposit of the line items, credits, and discount section.

Can you Let me Know How can I fix an out-of-balance Transaction in the Balance Sheet in QuickBooks?

You need to click open the QuickBooks and from the report menu, choose company & financials > Balance sheet summary. After clicking on the balance sheet summary, you need to click on customize report. Now go to the Display tab, set the report basis to either cash or accrual whichever part is out of balance. Now select the period in which the balance sheet went out of balance, and locate the transaction and then correct it.

What is the Process for Automatically Filling from Memorized Transactions in QuickBooks?

For memorizing a bill in QuickBooks, you need to first go to the list menu at the top. Choose the memorized transaction from the drop-down menu. Right-click on the transaction, you want to enter automatically and click on edit QuickBooks Memorized transactions. Now choose the radio button for automated transaction entry and fill in for ‘how often’ and next date fields and then click on Ok.

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