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Aasommltd
Level 2

Supplier invoice overcharged

Hi all,

 

I’m having an issue regarding a transaction; so I purchased a stock for my business (which I might re-sell in a future) which cost £250; I paid with the business CC Amex. I was overcharged of £440 total and the supplier offered me a store credit of £190. Now I have of course paid the balance of the credit card with the business bank account bringing the credit card to 0 balance but in QBO is showing -440. How can I solve this problem?

 

Sorry but I’m very new at QBO but this is all very new for me...

 

Thank you in advanced

Angelo

Solved
Best answer March 02, 2021

Accepted Solutions
MaryJoyD
QuickBooks Team

Supplier invoice overcharged

I can show you how to record this supplier overpayment, @Aasommltd.

 

If a bill was created for £250, then make a bill payment worth £440. This is to have an open balance of £190. Then, create a credit card credit to zero out your credit card balance.

 

To record bill payment:

 

  1. Go to the + New button and select Pay Bills.
  2. From the Payment account dropdown, select the account you paid the bill from.
  3. Enter the Payment date and the checkboxes for the bills you made a payment towards.
  4. In the Payment column, enter the amount you paid towards each bill. 
  5. Then select Save, or Save and close

 

To record the cashback to your credit card account:

 

  1. Go to the + New button and select Credit Card credit.
  2. Find the appropriate account from the Bank/Credit Account drop-down box.
  3. Under the Category details, select the account that you have for your cashback rewards whether expense/income account as you see fit.
  4. Enter the other needed information.
  5. Select Save and close.

 

See the following article for more information on how to handle supplier credits and refunds.

 

To learn some tips and tricks on managing your expenses, I recommend checking our Manage Suppliers and Expenses page. From there, you can read great resources that can guide you in your future tasks.

 

Feel free to leave a comment below if you have follow-up questions about recording refund transactions in QuickBooks Online. I'm always here to help.

View solution in original post

4 REPLIES 4
MaryJoyD
QuickBooks Team

Supplier invoice overcharged

I can show you how to record this supplier overpayment, @Aasommltd.

 

If a bill was created for £250, then make a bill payment worth £440. This is to have an open balance of £190. Then, create a credit card credit to zero out your credit card balance.

 

To record bill payment:

 

  1. Go to the + New button and select Pay Bills.
  2. From the Payment account dropdown, select the account you paid the bill from.
  3. Enter the Payment date and the checkboxes for the bills you made a payment towards.
  4. In the Payment column, enter the amount you paid towards each bill. 
  5. Then select Save, or Save and close

 

To record the cashback to your credit card account:

 

  1. Go to the + New button and select Credit Card credit.
  2. Find the appropriate account from the Bank/Credit Account drop-down box.
  3. Under the Category details, select the account that you have for your cashback rewards whether expense/income account as you see fit.
  4. Enter the other needed information.
  5. Select Save and close.

 

See the following article for more information on how to handle supplier credits and refunds.

 

To learn some tips and tricks on managing your expenses, I recommend checking our Manage Suppliers and Expenses page. From there, you can read great resources that can guide you in your future tasks.

 

Feel free to leave a comment below if you have follow-up questions about recording refund transactions in QuickBooks Online. I'm always here to help.

View solution in original post

Aasommltd
Level 2

Supplier invoice overcharged

Hello MaryJoyD

 

Thank you very much for helping. 

 

I made the supplier credit, but I have some questions;

 

- As for the bank deposit which account should I select? As this payment was made with the Company Credit Card and it is not showing this option on the “Account” drop-down menu

 

- Also the overcharged 190£ are not refund but store credit, would it still be the same process?

 

- after these steps, I basically paid the credit card balance of 440£ so now I need to match this payment too between the bank account and the credit card.

 

I’m sorry for all the questions but I’m very new at this and I do not want to make any mistakes

 

Regards

Angelo

Charies_M
Moderator

Supplier invoice overcharged

I appreciate you for taking the time to reach us back, Aasommltd.

 

I'd like to share some clarifications to help achieve your goal about managing supplier invoice that was overcharged.

 

Since you can't create a Bank deposit in Credit Card Account, use a Credit Card Credit in QuickBooks Online (QBO). This will offset the purchase. Make sure to choose your Business Bank, then enter the 440£.

 

Here's how:

 

  1. Go to the +New icon.
  2. Select Credit card credit.
  3. Enter the necessary information.
  4. Use Business Bank as your Bank/Credit account. Fill in the Category details and enter the 440£ as the amount.
  5. Click Save and close.

You might also find this article helpful about recording payments to credit cards: Record your payments to credit cards.

 

If you have other questions on future tasks, feel free to access our Help Articles.

 

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

Aasommltd
Level 2

Supplier invoice overcharged

Hi Charies_M

 

Thank you for the clarifications.

 

All the best

Angelo