What’s the Difference Between a Credit Memo, Credit, and a Refund?
BY AUTUMN ELLIOTT — CLIENT ACC…
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- A credit memo is a posting transaction that can be applied to a customer’s invoice as a payment or reduction. A delayed credit is a non-posting transaction that you can include later on a customer’s invoice.
- A refund is a posting transaction used when reimbursing a customer’s money.
This means that:
Credit memos are used to offset an existing customer balance. - Delayed Credits can be included only on an invoice. Delayed Credits don’t affect a customer’s balance until they are included on a saved invoice.
- Refunds are used to show money given back to a customer to refund for services the customer is not happy with, to offset a credit balance, merchandise or service not received, or an overpayment.
- How to Track Employee Sick Leave for the Coronavirus? Learn how to track your employees paid leave and sick time if they’ve been affected by COVID-19 with QuickBooks Desktop Payroll.
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