Good afternoon All,
I am really hoping that someone can shine some light on the many ways I have read about on how to handle the following scenario(s). Just to note I have my bank accounts linked into QB. My flow is as follows.
- invoice customer
- customer e-transfers payment
- wait for transaction to download
- match to invoice.
Scenario 1; I invoice customer1 $100 and then pay $110, and
Scenario 2; I invoice customer2 $100, they send in payment but then send in a duplicate payment (requiring a refund)
So in reading, one solution that seems to come up consistently is to us A/R to record either the overage or double payment and then create a cheque transaction to pay the customer back
The second solution (more for scenario 2) is to move the transaction to a 'Misc Income' account and then create a credit memo.
The third solution was to create a suspense account (bank account, expense account?) - haven't tried this way yet.
Solution 1, I have been told, from the bookeeping side, that I should never be booking transactions to A/R
Solution 2, I have tried and it works, but if the customer simply wants the credit to remain until the next invoice, it doesn't show up in their account, nor does QB know to use any outstanding credits.
Sorry for the long winded post but I wanted to try and include everything, though I am sure I have forgotten something!
