Additional Customer Transactions

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Additional Customer Transactions2014


Topics

• Recording Customer Returns and Credits • Writing Off a Bad Debt • Creating Customer Statements • Collecting Sales Tax • Creating Sales Reports


Customer Returns and Credits

• Use Credit Memos in following situations:

– Cancel an order that has been invoiced

– Returned merchandise

– Credit-on-account for a customer

– Refunding a customer


Refunding Customers By Check

• In Credit memo, click Use Credit To and choose Give Refund• Issue a Refund window•Creates refund check in the checking account and records the Credit Memo


Writing Off a Bad Debt

•Write off uncollectible invoices with a credit memo –Bad Debt Item

•Bad Debt is an Other Charge Item linked to Bad Debts expense


Creating Customer Statements

• Customer statements provide a summary of the activity for an accounts receivable customer during the period you specify


Activating Sales Tax and Setting Preferences


Using Sales Tax Items on Sales Forms

• The Sales Tax Item calculates the tax for the sale


Setting Up Sales Tax Items


Sales Tax Codes

• Additional classification for calculating and reporting sales tax• Assigned to each product or service item, as well as to each

customer. • Sales Tax Codes serve two purposes– Indicate whether a specific product or service is taxable or non-

taxable– Categorize revenue based on the reason you charged or didn’t

charge sales tax.


Using Sales Tax Codes on Sales Forms


Setting up Sales Tax Codes

• To set up a Sales Tax Code–From the Lists menu select Sales Tax Code List–Select New from the Sales Tax Code menu at the bottom of

the list–Enter three character Sales Tax code and description–Each Sales Tax Code has a taxable or non-taxable status


Assigning Sales Tax Codes to Customers

• Add Sales Tax Code to Customer in the Additional Information tab • Default Tax Code on sales forms


Calculating Sales Tax on Sales Forms

• QuickBooks automatically calculates and tracks sales tax on each sale.


Sales by Customer Summary Report

•Shows sales to each customer over a given date range •Select the Reports menu, then select Sales, and then select Sales by Customer Summary


Sales by Item Report

•Shows sales of each Item over a given date range•Select the Reports menu, then select Sales, and then select Sales by Item Summary


Summary of Key Points

• Recording Customer Returns and Credits • Writing Off a Bad Debt • Creating Customer Statements • Collecting Sales Tax • Creating Sales Reports

Date post:	25-Feb-2016
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Additional Customer Transactions

Documents