Set Up A Refund Account In QuickBooks
What Is A Refund Account In QuickBooks?
The refund account in the QuickBooks is that if any of the customers place a refund of any product and services purchased before. Then in the QuickBooks user have to set up the refund account for that customer.
QuickBooks Refund Process Types
Types of ways in which refund is initiated
In QuickBooks, the refund can be done in 2 ways are refund the payment or provide the credit memos to the customer. Below you get the solution for How to set up a refund account in QuickBooks so that, you can do it on your own easily.
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How To Set Up A Refund Account In QuickBooks ?
The set up of the refund account in QuickBooks Desktop
The refund can be initiated in 2 ways that are a direct refund via invoice and the other is creating credit memos. You have to follow the process to get it done easily according to the way of refund done in the account.
For creating the credit memos
- In the QuickBooks account, go to the menu option Customers
- Then click on the Create Credit Memos/Refunds option
- Now in the Customer: Job, click on the arrow for the drop-down menu
- Select the customer to whom you made the refund
- After that, You have to enter the items for which you are giving them a credit
- In the end, click on the Save and Close option.
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For the type of credit, you want to make
- Provide refund as the credit in the software account
- Go to the Customers option in the QuickBooks menu options
- Then from further option click on the Receive Payments
- After that in the Received From option, choose the customer for a refund
- Now, click on the Discounts and Credits option
- In the tab of Credits, click on the credits that apply to the customer and then click on the Done button
- In the pop-up confirmation box, click on the Yes button
- Then click on Save and close button
- Now the credit is applied to the customer’s account.
- Give the refund to the client
- In this, the check is filled automatically so, click on the OK button
- You have to link the check in to your account to the overpayment
- In the Customers option, click on the Receive Payments
- Then from the drop-down menu, click on the Customer name to whom you have to pay the refund
- Click on the option Discounts and Credits
- Now, select the check created by you in the option of Available credits
- Click on the Done option
- Provide the confirmation by clicking on the Yes button in the pop-up box
- Then the amount is automatically applied to the invoice without any issues
- In the end, click on the Save and Close button.
Help Setting Up Refund Account Issues QuickBooks
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