In this learn QuickBooks Online Inventory instructional class, you will learn how to record returns of merchandise from customers from cash sales that had sales receipts. The way to record this is to make a “refund receipt”. This is a document that records the return of merchandise and the giving of a refund to a customer who paid cash for the items that they purchased. It is very simple to make a refund receipt; it is exactly the same as making a sales receipt, but it simply has the opposite effect in QuickBooks online records and data. You MUST put the exact same inventory items on the refund receipt as were on the original sales receipt. This way: the quantity of the goods will increase for what was returned, the sales income for the products returned will decrease by the original sales price and the cost of goods sold will also decrease by the purchase cost of the goods returned. Of course, your cash will also decrease for what you refund ack to the client.
This QuickBooks YouTube Playlist will teach you every possible transaction type or issue that you could possibly have when managing merchandise inventory using QuickBooks Online. You will have total control over inventory quantities as well as your inventory work flow from purchases to warehouse storage to sales. All quantities will be tracked and all questions about non-inventory parts and 2 sided items will be answered. After watching this playlist, you will be able to guarantee that every aspect of your merchandise inventory records in QuickBooks Online will be correct to the last detail. You will master inventory reports and adjustments and always know what to do when receiving merchandise or selling the goods you trade.
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See Every Topic In This QuickBooks Online Inventory Management Playlist
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