Overpaid supplier
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Peter_6481025
Member Posts: 14 ✭
A staff member has overpaid a supplier by a considerable amount. I have spoken to the supplier, who will refund the difference by electronic funds transfer.
For now, I need to record the transaction, which is the amount that was actually transferred to the supplier from our internet banking within Reckon.
What I need to figure out:
[Reckon Accounts Premier: Retail Edition 2014]
For now, I need to record the transaction, which is the amount that was actually transferred to the supplier from our internet banking within Reckon.
What I need to figure out:
- How do I record the amount that was transferred to the supplier, while reflecting one open invoice from the supplier was paid during the process (procedure within Reckon)
- Deal with the amount that will be transferred back to us from the supplier and apply that within Reckon
[Reckon Accounts Premier: Retail Edition 2014]
0
Comments
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Peter, there are several ways of dealing with the over payment and refund. My preference is to use General Journals. Suppose you owed the Supplier $100 and transferred $500. Hence, there will be a $400 refund.
Debit Accounts Payable $100.00 Select the Supplier Name in the appropriate column of the Journal
Debit a Suspense Account $400.00 (the excess amount paid)
Credit Bank Account $500 (the amount that was transferred from your bank account).
When you receive the refund ($400 in the example), perform the following journal:
Debit Bank $400
Credit the Suspense Account $400.
If your Chart of Accounts does not include a Suspense Account, create an Other Current Asset and give it the name "Suspense Account".1 -
Hi Kevin
Thank you for your response.
I'm a little uncomfortable doing it this way, what would be another process to record this transaction(s)?1 -
Peter, there are rough and ready ways of managing the process but they do not meet acceptable standards. Do you have a bookkeeper or accountant who can perform the journals for you?
1 -
I need help with this in RAH
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