Our customer paid an invoice twice through Merchant Services- which I am not sure how this is possible. Regardless. The first payment was applied to the open invoice and correctly recorded as a deposit with other deposits on that day and balanced. The second payment came through several days later.
I recorded the payment to the customer's account which created a credit due (negative amount) not a credit memo. I need to be able to record the payment so it can be recorded in that day's deposits.
Since the Customer has a credit due, I wrote a check to the customer in qb and used the accounts receivable account which zero'd out the customers account.
So in Merchant Services, I reversed the charge for the overpayment and the customer was refunded. The refund shows up in the daily deposit as a negative amount and since the credit was more than the other deposits for that day the daily deposit is a negative amount.
Quickbooks for mack wont allow me to record a negative amount for the daily deposits. If I deposit only the positive amounts for the day then I won't be able to balance and reconcile.
I use QB desktop for PC on a daily basis and the Mac is throwing me off.
Help!
Thanks for sharing detailed information about your concern, @LMcm4Rays. Let me add some insights to properly record the double payment of your customer.
When a customer overpays and you receive the invoice payment, QuickBooks saves the excess amount as available credits on their account. If a customer doesn’t have existing credits on their account, here’s how to create a credit memo.
Then, you can either write a refund check or apply the credit to an invoice. Let me show you how.
I'm also adding this article for more details about creating customer refunds: Record a credit memo or refund in QuickBooks Desktop for Mac.
Let me also add this article that can guide you in adding and reconciling your accounts effectively in your QBDT software:
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.
Thank you. I think this helped with the first part of the question.
The second part was about recording deposits.
Merchant Services recorded the refund with the daily deposits and I can not do this in QB. So my daily deposits do not match.
MS:
Customer A Refund <$200.\00>
Customer B Pd Inv. $175.00
Total Daily Deposit. <$25.00>
QB Record Deposits
Customer A Refund - Can not record negative amount
Customer B Pd Inv. $175.00
Total Daily Deposit. $175.00
Thanks for sharing additional details of your concern, @LMcm4Rays
You'll want to deposit the daily sales (sales receipt) into the Undeposited funds. This way, you'll be able to add it when making a bank deposit.
Once done, create a credit memo for the same amount as the sales ($200). Then, create a Journal entry (JE). Enter the $175 amount debiting your bank account and $175 crediting your undeposited funds.
I'd also recommend working with your accountant. This way, we can guarantee your accounts are accurate after recording this. If you're not affiliated with one, you can visit our ProAdvisor page and look for one from there.
Then, make a deposit and select the refund receipt and JE you've created . You can also see this link for guidance: Record and make bank deposits in QuickBooks Desktop.
I'm also adding this link that you can read for additional reference: QuickBooks Desktop Mac 2020 User's Guide.
When everything looks good, check out this link for reference in matching your accounts seamlessly: Reconcile bank and credit card accounts (Mac).
Keep me posted if you have other concerns managing your deposits. I'll be around to assist you. Have a good one!
I recently had a customer that paid twice from a invoice that was sent via email with a payment link. I am wondering why they were able to pay twice. Normally when we pay bills through QB from other vendors it won't allow us to pay twice as it shows the invoice as being paid. Can you share why this is possible and how to avoid that happening in the future?
Hey there, @lhudgins.
Thanks for following the thread and sharing your concerns with us.
At this time, there's not a warning for the customers when accidentally paying twice. However, I think this would be the perfect opportunity to send feedback to our Product Development Team, so I went ahead and submitted that for you. This way, our developers can review the suggestion and consider it for a future update.
I also wanted to share with you our guide for understanding refunds to customers below.
Please let me know if you have any questions or concerns. Take care!
i tried, but it seems like there is no way you can apply an overpayment to the invoice since the invoice is paid in full.
so the credit memo is unapplied,
but then i issued a refund , and there is no way i could apply that refund to credit memo , or it does not need to be applied
You can then decide to retain the credit for future use, apply it to an open invoice, or issue a refund to the customer, Kalre. I am happy to share my insights about this matter with you.
Handling overpayment entries is crucial as it maintains accurate financial records, ensures customers receive refunds when they overpay, and helps the business stay organized. To enhance our record-keeping, we would appreciate your insights on how you manage overpayment entries.
Please keep in mind that credits can only be applied to open invoices. You have several options for issuing a credit memo:
If you choose to issue a refund, I would be happy to guide you through the steps in QuickBooks Desktop.
Here's how:
Step 1: Create a credit memo.
Step 2: Give a Refund.
After creating a refund in QuickBooks Desktop, the system will record the transaction and update your accounts to show the reduced revenue and either cash or accounts receivable, based on the original payment method.
To assist you further, I have included an article that offers detailed instructions on how to create a credit memo or refund check in QuickBooks Desktop. This resource also explains the options for retaining the credit as available or applying it to an invoice.
Additionally, this article may be helpful for your future steps in managing transactions effectively.
We're here to assist you, Kalre, with recording an overpayment and creating a credit memo or refund to ensure your financial records remain accurate. If you have any further questions, please feel free to tap the Reply button, and we'll be right with you.
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