2013

 Process customer returns and credits  Write off customer invoices (record bad debts)  Create customer statements  Collect sales tax  Create sales reports

 Use Credit Memos in following situations: ◦ Cancel an order that has been invoiced ◦ Returned merchandise ◦ Credit-on-account for a customer ◦ Refunding a customer  Customers menu > Create Credit Memos/Refunds

 Refund to a customer when a customer: ◦ Returns merchandise after payment ◦ Requests a discount or refund on paid merchandise or services ◦ Overpays their Invoice and requests a refund  If the customer paid with cash or check, issue a refund check  If the customer paid with a credit card, credit the customer’s credit card.

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

 Write off uncollectible invoices with a credit memo ◦ Bad Debt Item  Bad Debt is an Other Charge Item linked to Bad Debts expense

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

 The Sales Tax Item calculates the tax for the sale

 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.

 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

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

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

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

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

 Process customer returns and credits  Write off customer invoices (record bad debts)  Create customer statements  Collect sales tax  Create sales reports