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Level 7

How to successfully allocate supplier overpayments in QuickBooks Online

Hi QuickBooks Community,

 

I hope you are all well. I had a client query today on how to successfully allocate a supplier overpayment so I thought the best way to show them was to create a video. And then I thought I would share it with you all so you can use this (as well as the other videos on my YouTube channel) if you wish. Whether they are used for you to gain knowledge and expertise on QuickBooks Online or for you to pass on to your clients to help them use the system it would be greatly appreciated to get my video's out there! 

 

 

Let me know what you think - any feedback greatly appreciated. Also any questions on this subject or generally using QuickBooks Online either comment below or send me a message.

 

Kind Regards,

 

Emily

3 Comments
Level 2

How to successfully allocate supplier overpayments in QuickBooks Online


@EmilyMockett wrote:

Hi QuickBooks Community,

 

I hope you are all well. I had a client query today on how to successfully allocate a supplier overpayment so I thought the best way to show them was to create a video. And then I thought I would share it with you all so you can use this (as well as the other videos on my YouTube channel) if you wish. Whether they are used for you to gain knowledge and expertise on QuickBooks Online or for you to pass on to your clients to help them use the system it would be greatly appreciated to get my video's out there! 

 

 

Let me know what you think - any feedback greatly appreciated. Also any questions on this subject or generally using QuickBooks Online either comment below or send me a message.

 

Kind Regards,

 

Emily


 

Level 2

How to successfully allocate supplier overpayments in QuickBooks Online

 
QuickBooks Team

How to successfully allocate supplier overpayments in QuickBooks Online

Hello there, d-laxman.

 

You can create a bank deposit to record the payment received. This offsets the credit that sits on the vendors section.

 

Here are the steps:

  1. Click the Plus (+) icon located in the upper right-hand corner.
  2. Under Other, click Bank Deposit.
  3. Select the bank account from the Account drop-down list, and choose the Date.
  4. Under Add funds to this deposit, select the customer's name under the Received From column.
  5. Select Accounts Payable from the Account drop-down list.
  6. Enter the Amount of the overpayment.
  7. Click Save and Close.

Once done, go to the Vendors page and click the vendor's name to view the transaction list. Open the bill payment and add the deposit we just created. This will zero out the balance for the specific vendor. 

 

Please don't hesitate to leave a comment if you have additional questions related to this. Thanks. 

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