Go Over Payment Log For Free

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.

The most common way is to create a journal entry to record the amount of the overpayment and the corresponding invoice number. Another method is to credit the supplier's account with the overpayment amount, and then debited the account for the corresponding invoice.

When you overpay a supplier, you can still record the payment. Just match the payment to your outstanding invoice or invoices as usual. We save the remaining amount so you can match to an subsequent invoice or refund. We record the remaining amount as special transaction called a Payment on account.

Businesses often issue overpayment refunds in the same format as the customer provided payment. For example, if your customer paid by check, you may return a check for the overpayment refund. If he paid by credit card, however, you can usually issue a refund directly to the card.

Use a credit balance adjustment to apply the overpayment as a payment to subsequent invoices. Use a negative invoice charge to apply the overpayment as a credit to a future invoice.

Overpayments to Suppliers will save values to the Accounts Payable nominal account and therefore appear in the Aged Payables report and Supplier Statements. Automatic overpayments created when an invoice is paid will result in two separate bank transactions being created.

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.

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.

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.

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.