How to Issue a Refund for a Credit Memo
30 steps
|
2 minutes
1
Navigate to Brokerage Engine.
2
Click "Accounting"
Create the Bill
3
Click "Quick Actions"
4
Click "New Bill"
5
Select the Vendor (Agent) from the dropdown menu.
6
Select the General Ledger account tied to the Credit Memo OR Allowances.
7
Add the amount on the text field.
8
Check off the Billable box.
9
From the dropdown menu select the Customer profile for the agent.
10
Select a Class.
11
Click "Save"
12
The system will automatically prompt a new window to create an invoice with the billable expense charge amount. Click on the checkbox.
13
Select the Product/Service Item from the dropdown menu tied to the same General Ledger Account used for the Bill.
14
Click "Save"
15
Click "OK"
Print the Refund Check
16
From the Bill Detail Page, click the "Make Payment" button.
17
Click "Save"
18
Click "OK"
19
Click "Print Check"
20
The Print Check Queue will display with the Bill Payment Check already selected.
21
Click "Preview and Print"
22
Click "Print"
23
Click "Done"
Verify the Customer Balance for the Agent
24
Click "Sales"
25
Click "Customers"
26
Search for the agent and click on their profile.
27
The transactions will show how the credit memo was reduced by the billable expense charge invoice.
If the feature to automatically apply credits is turned off in QBO, then the credit memo and the invoice need to be linked manually in the customer profile.
Verify the Vendor Balance for the Agent
28
Click "Vendors"
29
Search for the agent and click on their profile.
30
The transactions will show the refund check written to the agent.
