![]() Find a new accountant & your problems will be solved. ![]() ![]() GST is accounted for when a taxable supply transaction occurs. An over payment represents funds the entity is (basically) holding in trust & as such is fully refundable (potentially) to your debtor, or to be used in reducing a future debt.If a customer returns merchandise to you, issue a credit memo. Occasionally, you need to return money you have received from a customer and you need to record it in QuickBooks Online. Select the correct customer and job (and A/R account. You could: Apply the balance to an existing invoice Keep it as an available credit Issue a refund Click Customers | Create Credit Memos/Refunds. Let's say a customer pays for an order but cancels before it ships. Figure 1: QuickBooks helps you identify refunds quickly.
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