Overpaying in Business
There might be a possibility that your client or customer may make the overpayment for the service or product and you should refund back the same to them by following proper etiquette. Keep in mind that this transaction should be shown in your QuickBooks.
Now, the question arises that how this overpayment will be handled in the QuickBooks? Let’s discuss the same here.
Common Issues Users Face
How the credit note is issued in case the overpayment is received?
For example you have received the overpayment from the customer. The account of the customer is showing the available credit.
Now your customer is requesting the credit note for the amount of credit to keep in their own records. If the credit note is created for this amount, then it will make the available credit’s amount double.
Steps to Handle The OverPayments in QuickBooks
- In case the overpayment is made to you you should first ensure that memo is created first and after that refund check could be issued. If that is not done then get the credit memo created first in order to use if for refund.
- Then get the credit memo opened and then tap on the link of Refund present at the window’s top.
- Make sure that you carefully check the entire data present here to ensure that information provided here is correct.
- Then do not forget to leave the Accounts Receivable as an account which is listed in the refund check’s details. By doing so QuickBooks will be able to credit and then refund to the right customer.
- After doing this click on OK, in order to get the changes saved
- Once the credit memo is created get it connected with the check, or else QuickBooks will not be able to ensure that transactions are correctly tracked.
- In order to connect your check and credit memo firstly access the Customers and then Receive Payments.
- Then select the customer for whom the refund is going to be made.
- By doing this the credit amount will appear in the field of Existing Credits.
- Click on it twice to ensure that it is correct and then select Apply Existing Credits.
- After that you will be able to see the field of Refund Chk. Here the amount of the check should be entered in the column of Payment. In case the amount is not listed already.
- Then click on OK in order to proceed
- While making an attempt to access the Customers and then Credit Memos or Refunds should be able to show the credit memo that was just created by you.
- Now, tap on the Tx History in order to know refund check present in window of Transaction History-Credit.
- Overpayment has now been handled by you in the QuickBooks
Important to Remember
If the steps given above are correctly followed by you then also the client or customer of yours will not be notified about the overpayment. In this case you should inform the concerned person and let them know that you are going to refund the overpaid amount.
If you are facing this issue or any other issue related to this then get in touch with the SMB QuickBooks technical support team. Our experts at SMB QuickBooks tech support helpdesk will ensure that all your concerns are answered timely and efficiently. Call on ?smbaccountants.com.
- ianywhere saclrclassloader has encountered a problem in QuickBooks.
- Why is Journal Entry Not Showing in Sales in QuickBooks?
- How to integrate sync square with QuickBooks?
- Edit Company Information In QuickBooks
- Outlook is not an option in QuickBooks send form preferences. How to fix the issue?
- How to install desktop version of quickbooks to my tablet?
- QuickBooks Cleanup Tool: How to Reinstall It in Quickbooks Enterprise 2015 and 2016
- Error Initializing QBPOS Application Log. Fix your error with these simple steps.
- Retrieve QuickBooks License Number
- How to Categorize Transfers in QuickBooks