Question

Which three statements are correct related to credit memo (quickbook)

1. Amounts issued on a credit memo can be issued as a refund to the customer account.
2. Amounts issued on a credit memo can be retained in the customer accounts and used to offset a future invoice.
3. Amounts issued on a credit memo can be immediately applied to an open bill from a vendor.
4. Credit memos reduce the overall balance due from a customer.
5. Credit memos always increase inventory balances.

when you record a sales receipt where is the customer's payment record? ( quickbook) matching questions.

sales order ,statement ,sales order , invoice , estimated .

the customer asks that you quote a price for a service they are thinking about getting

the customer wants to buy something but you don't have it in stock

customer wants to buy something and pays for it immediately

you send the customer a list of services and items you are charging them for and a due date for when they need to pay.

the customer requests a list of their charges and payments over the last month

Answer 1

Solution :

The following statements are correct :

1. Amounts issued on a credit memo can be issued as a refund to the customer account.
2. Amounts issued on a credit memo can be retained in the customer accounts and used to offset a future invoice.
3. Credit memos reduce the overall balance due from a customer.

The following statements are incorrect :

1. Amounts issued on a credit memo can be immediately applied to an open bill from a vendor.
2. Credit memos always increase inventory balances.

Reason :

1. The amount cannot be immediately applied on the open bill from a vendor. It will be applied only if the supplier decides to return the goods to the vendor.

2. Credit memos will not affect inventory movements or balances.

Part 2 :

1. The customer asks that you quote a price for a service they are thinking about getting : Estimated

2. The customer wants to buy something but you don't have it in stock : Sales Order

3. Customer wants to buy something and pays for it immediately : Sales receipt

4. You send the customer a list of services and items you are charging them for and a due date for when they need to pay :  Invoice

5. The customer requests a list of their charges and payments over the last month : Statement

List of charges & payments : Statement