Applying credits or credit memos, payments and deposits are a lot more important and beneficial than most organizations think. The best case scenario, you always find an inaccuracy with your bank reconciliation statement if these memos and forms haven’t been applied appropriately. The worst case scenario, you are required to pay a hefty penalty to the IRS. Cases of tax penalties against your company can lead to tarnished goodwill for your organization. To secure yourself from such a predicament, make sure to apply the credit to all appropriate forms.
Credits need to be applied on invoices. Delayed credits are only meant for invoices and users cannot and should not apply them on payments and bills.
Users can create multiple delayed credits and apply them all at once. QuickBooks 2016 enabled users to perform batch actions on transactions easily. For creating a new delayed credit, instead of close, click on save and then hit on a new tab.
Once the delayed credit has been created, users need to apply them to appropriate invoices. In case you apply for a delayed credit on the wrong invoice, then you would be required to delete the delayed invoice and create a new one. After this, you can proceed to apply the delayed credit to the correct invoice.
The Same procedure can be followed for creating and applying for unapplied payments, credit memos, and deposits. Deferring the application of these memos onto invoices provides granular control to users. Still, it can also result in inaccuracies that may make you pay through the nose.
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