Category Archives: QuickBooks

Refund an overpayment in QuickBooks

Software: QuickBooks Desktop accounting software

You have an option in QuickBooks Desktop accounting software to offset the overpayment received with the outstanding invoices via set credit feature or refund customer the overpaid amount.

Highlight the outstanding sales invoice from the customer payment transaction, click the Set Credit button and select the credit (overpayment) to offset with the invoice. You have to do the offset process a few times if the overpaid amount is supposed to knock off with multiple invoices.

On the other hand, you need to amend the original customer payment (the overpaid transaction) if you need to create a refund to the customer. At the lower left corner of the customer payment window, select the ‘Refund the amount to the customer’ radio button and click the ‘Save & Close’ button to continue with the refund.

Refund from customer payment in QuickBooks

You will see a payment transaction window on the following page, and then select the relevant bank account, payment mode and change the date if required.

Refund overpayment in QuickBooks.png

QuickBooks will update the accounts receivable and bank account once you have clicked the OK button.

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QuickBooks is using the currency code instead currency symbol

Software: QuickBooks Desktop accounting software

In our earlier post, we mentioned that QuickBooks is using the currency symbol set in the Window Operating System (OS) when multiple currencies feature is not turned on. That is, QuickBooks print £ before the invoice total if the setting in the Operating System is £.

However, QuickBooks will switch to currency code instead of the currency symbol when multiple currencies feature has turned on. For example, if you set the base currency as Singapore Dollar, which the currency code is SGD, all base currency invoices will print SGD before the invoice total instead of placing the currency code ‘S$’ before the invoice total.

currency code in QuickBooks

Using currency code is better than currency symbol when involving multiple currencies. For example, the currency symbol for Renminbi is ¥ and Japanese Yen is also ¥; or US Dollar, HK Dollar, Australian Dollar are all using $. Whereas the currency code for these currencies is different; Renminbi is CNY (or RMB is also commonly use), the Japanese Yen is JPY, the US Dollar is USD, HKD for HK Dollar, AUD for Australian Dollar, etc.

As you can see using the currency symbol before invoice total is perfectly alright when your business is only dealing with the local currency, such as Singapore Dollar. However, having a currency code before the invoice total is less confusing when you trade internationally with multiple currencies.

Note: You cannot turn off the multiple currencies feature once it has turned on.

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Currency Symbol on the QuickBooks Invoice

Software: QuickBooks Desktop accounting software

QuickBooks desktop, by default, uses the currency symbol set in the Window operating system. For example, the Total field on the invoice will print as € if the currency symbol set in the Window is € unless you have multiple currencies turned on, which QuickBooks will follow the setting in the customer profile.

Currency Symbol on QuickBooks invoice 1.png

Depending on the Window operation system, the currency symbol setting is in the Control Panel or Setting page for the Window 10. Search for the Currency Symbol setting and change it accordingly. You may have to close the QuickBooks program before you made changes to the Window setting and may require to restart the computer after changing.

Currency Symbol on QuickBooks invoice 2.png

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