How to Create a Credit Memo in QuickBooks?
In QuickBooks, a credit memo is a document that records a credit issued to a customer for a product or service that has been returned or for which they are being given a credit. It is essentially a negative invoice that reduces the customer's outstanding balance.
When you create a credit memo in QuickBooks, you can apply it to an open invoice, which will reduce the amount owed by the customer. The credit memo will also update your accounts receivable balance, which is the amount of money owed to your business by your customers.
Credit memos are useful in situations where a customer returns a product or cancels a service and is entitled to a refund or credit. By issuing a credit memo, you can keep track of these transactions and ensure that your customers are properly credited for the returned or canceled items.
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