Monday, November 28, 2011

QuickBooks: Returned Goods

As the Holiday season approaches, I see a great deal of impulse purchasing. This is good for my clients that sell product. However, I can anticipate the question I get often..... "How do I properly return items into inventory after it is has been sold and invoiced if the customer returns something?"

The answer is - use the credit memo. I liken the credit memo as the opposite of an invoice -- the invoice sends the product out and collects the money, the credit memo brings the item back and refunds the money and returns the item to inventory.

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