No, your steps won’t do it.  They will leave open credit memos and an unapplied refund check.

 

This will cause issues for AR reports and any cash basis reports including financial statements including the P&L and Balance Sheet.   On the P&L, for example, your income will be overstated and so you […]

Resolution for 'AR reports issue: 'Issuing refund check for multiple credit memos?' available: Yes.

The AR reports issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the AR reports issue yourself by looking for a resolution described in the article. If it is a complex AR reports issue or you are unable to solve the issue, you may contact us by clicking here or by using other AR reports support options.

For more information about resolving issues related to AR reports in Quickbooks/QBO or to get support for the issue 'Issuing refund check for multiple credit memos?', click the link below: