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Level 1

How do I remove an over payment of $0.01?

 
5 Comments
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QuickBooks Team

How do I remove an over payment of $0.01?

Glad you've reached out to us here in the Community, @suzanne.mccormic.

 

It's my pleasure to help you remove/handle the over payment in QuickBooks Online (QBO).

 

To give you the right amount of information and remove the over payment made, may I know if this over payment comes from a customer, or to a vendor? If the over payment comes from a customer, you can refund you customer for the over payment amount:

 

  1. Go to the Plus icon.
  2. Select Refund Receipt under Customers.
  3. Fill in the necessary information in the Refund Receipt page.
  4. Click Save and close

For additional options and reference about refunding customers for over payments, please check this: Refund customer. We also have the option to apply a credit from an over payment, you can check this: Apply a credit from an overpayment.

 

On the other hand, if you've overpaid your vendor, you can directly create an expense transaction and post it under accounts payable with the over payment amount, this then create a credit to your vendor's account. Let me show you how:

 

  1. Go to the Plus (+) icon.
  2. Select Expense under Vendor.
  3. Choose the vendor's name.
  4. Choose the Accounts payable account under Account column.
  5. Enter the necessary details.
  6. Select Save and close to save the changes.

Feel free to drop a comment if you're referring to something else. Have a good day ahead!

Highlighted
Level 2

How do I remove an over payment of $0.01?

What if I'm not refunding the customer (I mean realistically, they don't care about getting 1 cent back). If I issue a refund, it messes with my actual income received, bank balances and reconciliations. 

Highlighted
QuickBooks Team

How do I remove an over payment of $0.01?

Thank you for joining the thread, @Katerina_.

 

I'd be glad to help share additional information about handling over payment in QuickBooks.

 

To start, may I know what's causing the over payment? If the over payment is because of the exchange rate you'll need to transfer the amount to the exchange gain and loss. If not, you'll need to include the amount as your income.

 

If you want to issue a refund, you may check this article: Apply a credit from an overpayment.

 

In addition, if you need further assistance with the process, you may get in touch with our QuickBooks Online Support Team.

 

Keep me posted if you have any other concerns about handling over payment in QuickBooks Online, I'll be right here to help you. Wishing you the best!

Highlighted
Level 1

How do I remove an over payment of $0.01?


@Angelyn_T wrote:

Glad you've reached out to us here in the Community, @suzanne.mccormic.

 

It's my pleasure to help you remove/handle the over payment in QuickBooks Online (QBO).

 

To give you the right amount of information and remove the over payment made, may I know if this over payment comes from a customer, or to a vendor? If the over payment comes from a customer, you can refund you customer for the over payment amount:

 

  1. Go to the Plus icon.
  2. Select Refund Receipt under Customers.
  3. Fill in the necessary information in the Refund Receipt page.
  4. Click Save and close

For additional options and reference about refunding customers for over payments, please check this: Refund customer. We also have the option to apply a credit from an over payment, you can check this: Apply a credit from an overpayment.

 

On the other hand, if you've overpaid your vendor, you can directly create an expense transaction and post it under accounts payable with the over payment amount, this then create a credit to your vendor's account. Let me show you how:

 

  1. Go to the Plus (+) icon.
  2. Select Expense under Vendor.
  3. Choose the vendor's name.
  4. Choose the Accounts payable account under Account column.
  5. Enter the necessary details.
  6. Select Save and close to save the changes.

Feel free to drop a comment if you're referring to something else. Have a good day ahead!


 

Highlighted
Moderator

How do I remove an over payment of $0.01?

Thanks for joining this conversation, @cbailey0915.

 

Are you referring to the Accounts Receivable Aging Summary report? If so, you have the option to sort it by non-zero. This will remove all the customers with zero balance.

 

Here's how:

 

1. Go to the Reports menu at the left pane.
2. Enter Accounts Receivable Aging Summary on the search field.
3. On the Show non-zero or active only drop-down, choose Non-zero for Show rows and columns.
4. Click Run report to refresh.

221.PNG

 

To learn more about customizing reports in QuickBooks Online (QBO), check out this article: How to customize reports.

 

Please keep me posted if you need further assistance. I'm always here to help. Have a great day!

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