How to Unapply Credit from a Bill?- Explained

1
Invoice VS Credit Memo- When Your Business Should
Use It?

• Name- Lily Evans
• Company- Data Service Solutions
• Website- https//dataservicesolutions.com/

2
How to Unapply a credit in QuickBooks?

• You might come across common terminologies that
  might get a little confusing and bounce over your
  head while performing your daily business
  activities and making your regular transactions.
  But, this should not hamper your work and
  business productivity. If youre panicking about
  these terms, then you no longer need to as none
  of these terminologies are tricky as chemistry
  labs solutions. To help you get a deeper
  understanding of the major difference between an
  invoice and a credit memo, we have listed down
  the differences for you. It will help you have a
  clearer vision about the terms and their
  practical usage such as to unapply credit in
  QuickBooks.

3
A Brief On Invoice

• An invoice is an itemized list of entries for
  which a company has to make payments to its
  suppliers, vendors or service providers. The
  Accounts Payable Department receives invoices
  from the suppliers or vendors and scrutinizes it
  before processing it for payment. In most of the
  cases, the company issues Purchase Orders to its
  vendors, requesting the items to be supplied to
  them.

4
Credit Memo or Credit Note A Brief Description

• A credit memo is issued when the client has paid
  advance payments to the vendors. This would
  ensure that the vendor has been informed about
  the discrepancy in supplying the goods and agrees
  to the credit memo to the customer for the items
  not supplied exactly that were asked through the
  Purchase Order. So, what is the role of this note
  and how does it represent invoice vs credit memo?
  The Accounts Payable Department of a company uses
  both the invoice and the credit note for the
  payment processing. It deducts the amount of the
  credit memo from that of the invoice and clears
  the payment for the vendor.

5
Wrapping It Up

• We hope the above provided information would have
  helped you get a clear idea to unapply credit in
  QuickBooks. However, there might be instances
  where you would get confused about it and thus,
  need professional assistance. Well, in such a
  situation, we would suggest you to give us a call
  on our Helpline Number 1-(855)-955-1942 and get
  in touch with our experts.