View Full Version : Bill overpayment, How do I handle the overpayment
01-23-2002, 06:05 PM
My employer sometimes overpays a bill, creating a credit. How do I handle this?
01-24-2002, 09:14 AM
You can put the extra money to undeposited funds, put it to prepaid funds if the money will be applied later, but the easiest is to get your employer to stop overpaying!
01-25-2002, 11:04 PM
Thank you for taking the time to answer my post, however, I am still confused. Isn't there a way to post the total amount paid to the check and carry a credit with the company in question and apply the credit toward the next incoming bill?
05-12-2002, 09:49 AM
Maybe I missed something here, but it seems as though the question was never answered. I have the same problem Ileen is asking about. I tried for 2 hours to figure this out. When an overpayment comes in, I want to carry a credit on the books for the customer who overpaid. Then, when I invoice them next, I want to apply the credit to the new invoice. This should be as simple as pie, but I can't find anything anywhere that tells me how to do this.
Mstaples, when a customer has an overpayment on his account and you do your next invoice to him, after you issue the invoice, go to Receive Payments and don't enter any amount on the screen. Just click the box to Apply Existing Credits and it will apply the credit to the new invoice. The first question was about an overpayment made to a vendor which is not the same as you're situation.
05-12-2002, 12:15 PM
Thank you! By now I have tried so many things I don't know where I am anymore. I'm going to have to back up and start over again. Just to make sure... when I initially received the overpayment, I went to my receive payment's window and entered the (say) $200 received, and applied this to the (say) $100 due on the outstanding invoice. Is that all I had to do, or did I then need to set up a credit memo or something. I mean, will Quickbooks keep track of the fact that there was a $100 difference, and see this as a credit, which will then automatically be applied to the next invoice (given your instructions above?).
When you received the $200 payment on the $100 invoice, that created an overpayment on the customer's account. If you look at that customer's balance, you will see the overpayment there. If you issue a credit, that will reduce their balance further and create a larger overpayment. It won't automatically apply the overpayment to the next invoice unless you go to Receive Payments and tell it to as I said before.
05-15-2002, 03:13 AM
I am copying this information from Quickbooks HELP for you.
Handling down payments and overpayments
If a customer sends you more money than he or she owes, there will be an amount left over at the Receive Payments window after you have applied the payment to invoices. QuickBooks keeps track of the credit amount so you can apply it the next time the customer owes you money.
1 Enter the payment in the Receive Payments window.
Caution: If you're recording a down payment, and you are doing more than one job for the customer, be sure to specify both the customer name and the job name in the Customer:Job field. This ensures that QuickBooks will apply the down payment to invoices for the correct job.
2 For an overpayment, apply as much of the payment as you can to outstanding invoices.
3 Note the leftover amount in the Unapplied Amount field.
If the payment is a down payment and there is no invoice yet, the entire payment amount is displayed in the Unapplied Amount field. QuickBooks holds the unapplied amount with this customer's name so that when you do have an invoice for this customer, you can apply the down payment amount.
4 (Optional) Click Print Credit Memo to give the customer a receipt for the down payment or overpayment. Do not record the credit memo.
The credit memo is for your customer only. It does not become part of your financial records in QuickBooks.
5 Save the payment.
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