Customer Overpayments

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  • Updated 10 months ago
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I have a payment from a client back in march 2017 with an overpayment. The payment allowed me to save this amount to be used at a later date. The customer has finally taken up the overpayment in a payment made in August but the system will not let me pick up the overpayment in this financial year and keeps wanting me to change last FY payment allocation.
how can I use this overpayment in this FY?
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Alison

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Posted 10 months ago

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Jeanette

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You will need to do a j/e.   Apply overpayment to Accounts Receivable and under Billable Name enter your customer.  Debit Bank Account with Overpayment amount as well.   This should put Customer in Credit and then input new invoice and apply payment from Bank Account,.    Hope this makes sense.  Notation should be bring to account overpayment from  ???
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Alison

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Hi Jeanette, Thanks for the reply. I did what you suggested above and it allowed me to finally see the overpayment from the payment in March, but only allowed me to allocate to the journal i created. I was hoping to be able to allocate it to the invoice the customer applied the overpayment to at their end. What should i do from here? Thanks
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Jeanette

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The only way to show the credit would be to print out a Statement for the Customer and send to him.  Pretty sure balance will show a credit.
Jeanette
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Shirley Ingle, Accredited Partner

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Hi Alison  I would have handled the entry this way.

You have an unapplied credit for the customer. The customer pays in August for a lesser amount. The payment made was $X + credit = invoiced amount.

What you do is if using Reckon Accounts or Hosted is to go to Receive Payments, put in the amount the customer paid you, then highlight (don't tick) the invoice the customer is paying and click credits (bottom right). Tick the credit amount and  click Done, this will take you back to the Receive Payments screen where you will now see a credit column inserted. So then the payment from the customer plus the credit you took up will equal the total amount of the invoice the customer was wanting to pay.