QuickBooks Inventory Refunds From Sales Receipts And Invoices To Customers

In this Learn QuickBooks instructional lesson, you will learn how record in to QuickBooks Desktop refunds you give to customers for both credit and cash sales of merchandise inventory previously sold to the customers. If you are refunding a sale from an invoice, you will make a credit memo and retain the credit until it can be applied to the invoice from the original sale. The effect of a credit memo is the opposite of the original invoice. It will increase the quantity on hand because the customer gave back the goods they purchased. The income will go down for the sale that was returned and so on. You must “retain as a credit” when you make the credit memo and make sure you apply it to the original invoice from the sale. If it is a return of a cash sale of inventory, then you must still make a credit memo but instead, choose “issue a refund”. This makes QuickBooks desktop write a check to accounts receivable along with the customer’s balance and automatically adjusts the customer’s balance for the credit memo and lowers the bank balance by the amount of refund check given to the customer
This QuickBooks YouTube Playlist will teach you every possible transaction type or issue that you could possibly have when managing merchandise inventory using QuickBooks desktop. You will have total control over inventory quantities as well as your inventory work flow from purchases to warehouse storage to sales. All quantities will be tracked and all questions about non-inventory parts and 2 sided items will be answered. After watching this playlist, you will be able to guarantee that every aspect of your merchandise inventory records in QuickBooks for window will be correct to the last detail. You will master inventory reports and adjustments and always know what to do when receiving merchandise or selling the goods you trade.

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[worldwidequickbooks]

Hello to all my friends using QuickBooks for inventory management! This QuickBooks instructional learning video lesson teaches how to record merchandise sales returns from customers. You must make a credit memo for returned inventory for both credit sales (invoice) or cash sales (receipt). The credit memo is the same but the option at the end will be different. For credit invoice sales returns of goods, choose “retain as a credit”. For sales receipts cash merchandise inventory returns, choose (issue a refund). QuickBooks will know what to do in both cases to make your customer records and your inventory records correct.
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[jingbo]

Love your video so much! I found this video uploaded recently but previous ones were a few years ago.

[GigeeterJeeter]

Hi Mark, did not notice how QB handles the refunding of the sales tax the customer paid on the items returned. How would that be handled? I know the business does not keep the sales tax so wondering how that is handled?

[GigeeterJeeter]

Hi mark, is there a way when inventory is returned to put the inventory in a separate "Inventory Returned" account rather then the original inventory account? Most times the returned items will not be able to be sold as NEW and therefore should be in an "Open Box" or some other inventory account. Thx!

[ehlah]

Hello sir! How do u record a cash refund to customer without them returning the goods? :(