Account Keeping Plus – Business Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software Training Small Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Customer overpaid me – How Enter in MYOB

Leave a comment

Let’s use an example:

Customer invoice was $1000

Customer pays $1500

1 Create another invoice for $500 to the client (Optional – you can post to a new sales account or clearing account eg 4.9000 Over-Payments, with GST as applicable, then it will stand out if not dealt with until later)

2 Apply Customer Payment to BOTH Invoices.

3 Create a CREDIT Invoice (because customer has credit with you for over paid amount) allocate to the clearing or 4-9000 Over-Paid account (if used), enter as a NEGATIVE amount, include some notes in the description (and in Journal Memo if desired) referring to the original invoice number and date, and the over-payment date. It is good to send an activity statement to show each transaction clearly, and the balance net due for the client.

4 The credit invoice will sit in Accounts Payable/ Debtors as negative, waiting to be dealt with – There are two ways to finalise…

        a) Customer wants a refund of the $500 – go to Sales register > Returns & Credits > select/highlight the credit sale > in lower LHS click > Pay Refund > Add notes to the memo to trace back to original invoice and payment > Record.

        b) Customer wants to wait until they order more to “use the credit”, enter the next sales, and when there is more than the credit sale > Sales Register > Returns & Credits > in lower LHS click on Apply to Sale > watch the memo and abbreviate with easy reference info. > Record. If there is still money due, that will reflect the same as the customer statement amount, and when customer pays, is easily applied.

For more help, click a category to the left, see our website, or contact us with your query and get a FREE reply answer email or call.


Author: Account keeping plus (Business accounting software

Administration, Bookkeeping and Compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support 30 min call 0407 361 596 Australia (+61 drop 0 from overseas) MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s