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Reverse a Discount Applied in Previous Period

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  • Reverse a Discount Applied in Previous Period

    We found a wrong discount amount was applied to an invoice, and has resulted in the actual payment appearing to be an over-payment, yielding a credit balance for this customer. If this issue were in the current accounting period, I would simply change the discount amount to the correct amount, but the problem is this was done to the invoice in fiscal 2017. How do I correct this in QB?

  • #2
    The simplest solution is to sell a service item to the customer, and in receive payments apply the credit memo

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    • #3
      We sort of do what Rustler suggests, except we transact as a debit memo.
      We create an "item" (in item lists) and direct the coding to a particular G/L acct.
      The invoice# field is replaced with "Debit Memo."
      You then match this off against the A/R credit bal.

      Sometimes the customer actually overpays and wants us to refund the overpay.
      In this case, we code to an "item" tied to a balance sheet account and code the refund payment in A/P against it to make it wash.

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      • #4
        Thank you Rustler & Froid; I appreciate your help.

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