Quickbooks Support

Call-QuickBooks-Support-USA-and-know-how-to-transfer-credits-from-one-Customer-job-to-Another

In-this-article-you-will-learn-how-to-transfer-credits-from-one-customer-job-to-another-in-QuickBooks-Desktop.-To-know-more-contact-QuickBooks-Support-USA.

You-can-now-transfer-credits-from-one-customer-job-to-another-in-just-a-few-clicks-with-QuickBooks-2019-and-later-versions.

Please-Note:-=o-complete-this-process,-you-must-have-user-access-to-the-Chart-of-Accounts.

    Now,-open-the-invoice-to-which-you-are-transferring-the-credit-to.

    Click-on-Apply-Credits.-Under-available-credit,-you-can-see-credits-from-another-customer-job.

    Click-on-the-existing-credits-and-then-click-on-Done.

    Select-Yes-to-complete-the-transfer-on-the-Confirm-transfer-window.

    This-action-is-irreversible.-Please-make-sure-you-consult-with-your-accountant-before-making-any-changes-if-you-need-to-modify/reverse-this-action.

There-will-be-2-General-Journal-entries-created-by-QuickBooks-when-this-action-is-performed-to-transfer-the-credits-to-the-required-Job.-To-make-it-easier-to-understand-later,-the-memo-for-these-journal-entries-will-say-“Transfer-of-Credits-for-…”-QuickBooks-creates-an-“Other-Current-Assets”-clearing-account-to-move-the-credits-when-the-transfer-credits-feature-is-used-for-the-first-time.

Transfer-customer-credit-manually

You-need-to-manually-transfer-and-apply-the-credit-from-one-customer-job-to-another-if-you’re-using-QuickBooks-2018-and-earlier-or-QuickBooks-Accountant.-Find-below-a-step-by-step-guide-for-the-process:

Step-1:-Setting-up-a-Clearing-account.

You-use-to-move-money-from-one-account-to-another-account-when-you-cannot-move-the-money-directly-this-account-is-known-as-a-clearing-account.-You-always-take-out-the-same-amount-that-you-put-in;-this-account-normally-has-a-balance-of-$0.00.-It-is-also-known-as-a-Barter-or-Wash-Account.

Given-below-are-the-common-uses-for-a-clearing-account.-You-may-want-to-create-one-for-each-if-you-have-multiple-uses-for-the-account.

    Managing-your-customers-and-AR

    Managing-accrual-basis-bad-debt.

    Under-the-same-customer,-move-a-Credit-Memo-from-one-job-to-another-job.

    From-one-A/R-account-to-another-AR-account,-transfer-the-amount.

    Using-a-zero-check,-you-should-allocate-overhead-expenses-to-customers-or-classes.

    Record-a-check-that-can-pay-invoices-to-two-customers-at-a-time.

    Managing-vendors-and-AP

    From-one-AP-account-to-another-AP-account,-move-the-amount.

    From-one-vendor-on-behalf-of-another-vendor-record-a-refunded-check.

    From-one-vendor-to-another-transfer-a-bill-or-a-bill-Credit-for-instance,-a-bill-consolidation.

Others

    Without-converting-to-your-home-currency-move-foreign-currencies.

    Now,-you-need-to-write-off-a-receivable-against-a-payable.

    With-a-company,-record-barter-transaction.-Choose-a-company-who-is-a-customer-and-a-vendor.

How-to-set-up-a-clearing-account?

    Select-Chart-of-Accounts-from-the-Lists-menu.

    In-the-Chart-of-Accounts-right-click-anywhere-and-then-click-on-New.

    Select-the-Bank-radio-button-in-the-Add-New-Account-window.- Please-Note:-You-can-choose-from-several-types-of-accounts. -A-bank-can-be-called-the-best-because-of-the-following-reasons:

    Make-payments-into-a-bank-account-via-Make-deposits-or-Receive-Payments.

    You-can-make-payments-out-of-a-bank-account-via-Pay-Bills-or-Write-Checks.

    On-the-statement-of-cash-flows-to-balances-and-changes-in-balances,-a-bank-account-appears-on-the-balance-sheet.

    You-must-use-a-bank-account-as-you’re-clearing-an-account-to-allocate-expenses-to-overhead-or-class-using-a-zero-check.

  • Click-on-Continue.
  • Enter-Clearing-Account,-Barter-Account-or-Wash-Account,-in-the-Account-Name-field-.

    Please-do-not-enter-an-opening-balance.

    Click-on-Save-&-Close.

Follow-the-steps-to-use-a-clearing-account:

    Firstly,-create-a-journal-entry.

    Now,-you-need-to-add-the-AR-or-AP-from-which-you-are-moving-money.

    And-then-add-the-Clearing-account.

    Save-the-created-Journal-Entry.

    Create-another-Journal-Entry.

    Add-the-Clearing-Account-to-this-one-as-well.

    Now,-you-need-to-add-the-AR-or-AP-from-which-you-are-moving-money.

    Link-the-two-Journal-Entries-together-in-either-Pay-Bills-or-Receive-Payments.

Step-2:-To-move-the-credit-from-the-customer:job-to-the-wash-or-clearing-account,-create-a-journal-entry.

    Select-Make-General-Journal-Entries-from-the-Company-menu.

    Debit-the-Accounts-Receivable-on-the-first-line-with-the-amount-to-be-transferred.-Select-the-Customer:job-you-are-transferring-the-credit-from-in-the-Name-column.

    Credit-the-Clearing-Account-on-the-second-line.

     Click-on-Save-&-Close.

Step-3:-Linking-payments-or-credits-to-the-journal-entry.

    Select-Customer-Center-from-the-Customers-menu.

    Select-the-customer-from-whom-you-are-transferring-the-credit-and-then-go-to-the-Transactions-tab.

    In-case-you-are-linking-a-payment:

    Double-click-the-payment-from-the-transactions-list.

    On-the-journal-entry,-put-a-check-mark.

    Click-on-Save-&-Close.

    In-case-you-are-linking-a-credit:

    Double-click-on-the-credit-memo-from-the-transactions-list.

    To-apply-to-invoice,-click-on-Use-credit.

    On-the-journal-entry,-put-a-check-mark-and-then-click-on-Done.

    Click-on-Save-&-Close.

Step-4:-To-move-the-credit-from-the-clearing-account-to-another-customer:job,-create-a-journal-entry

    Select-Make-General-Journal-Entries-from-the-Company-menu.

    Credit-the-Accounts-Receivable-on-the-first-line-with-the-amount-to-be-transferred.-Select-the-Customer:job-you-are-transferring-the-credit-to-in-the-Name-column.

    Debit-the-Clearing-account-on-the-second-line.

     Click-on-Save-&-Close.

Step-5:-Applying-the-credit-to-the-unpaid-invoice.

    Select-Receive-Payments-from-the-Customers-menu.

    Select-the-Customer:job-that-you-are-transferring-the-credit-to.

    On-the-appropriate-invoice,-put-a-check-mark-and-then-select-Discounts-&-Credits.

    In-the-Credits-tab,-select-the-credit(s)-you-want-to-apply-and-then-click-on-Done.

     Click-on-Save-&-Close.

To-know-more-on-how-to-transfer-credits-from-one-customer-job-to-another-QuickBooks-desktop,-call-on-our-QuickBooks-desktop-support-number.-You-can-also-write-to-us-at-support@quickbooksupport.net.-For-more-information-visit—www.quickbooksupport.net.

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