Go Over Payment Log For Free

If accrual accounting is used, the overpayment represents a future obligation and is recorded as a contra-asset that reduces the accounts receivable balance. If cash accounting is used, the overpayment would be recorded as a liability under customer deposits or prepayments.

Generally, your overpayment will appear as a credit in the form of a negative balance on your account.

Record a supplier refund in QuickBooks Desktop Record a Deposit of the supplier cheque: Go to the Banking menu, then select Make Deposits. ... Record a Bill Credit for the refunded amount: From the Suppliers menu, select Enter Bills. ... Link the deposit to the Bill Credit: From the Suppliers menu, select Pay Bills.

The act of paying more than is necessary or more than the value of something, or the amount by which someone has paid too much: Any overpayment will be treated as a payment of tax in advance. HR, COMMERCE.

Apply the credit to an invoice you already created Select + New. Select Receive payment. Select the customer, then the credit and the invoice. Select another pending invoice and enter the overpayment amount in its Payment column. Select Save and new or Save and close.

Example: Employee A was paid $500 on their check for the 1/31 pay period. Employee A should have been paid $400. This results in a gross overpayment of $100. The employee has a payroll reduction on the next paycheck in the gross amount of $100.

Record an overpayment from a customer How this works. When a customer has overpaid, you can still record the money you have received. ... Enter a customer receipt. From Banking, open the relevant bank account. ... Use the overpayment to pay subsequent invoices. ... Record a refund for the overpayment.