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!

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. 

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!

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@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!

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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.

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!

Have you gotten any consructive help with your question? I have the same issue. Some customers round the balance up and I sit with silly credits like yours. There has to be something to do to clean the account. Is it possible to create an account for rounding differences and applying these credits via a journal to that account? It's a hassle to filter everytime you want a report when there are these little nuisances. The customer will never expect a refund, additionally, the bank fees to do this transfer is more than the amount to be refunded. Pastel can do this. Why does it seem that most QBO support answers incorrectly and then we just start looking somewhere else for advice, or follow our own route because the program just cannot do certain things and the support team cannot provide the correct assistance. 

Thanks for checking in with us.

The option to create an account for rounding differences is unavailable in QuickBooks Online (QBO). However, we can create an account for bank fees or charges since the bank fees to do the transfer are more than the amount to be refunded. Also, some banks add service charges and processing fees. Please don't edit the original transactions in QuickBooks. Instead, add the fee while you're on the bank deposit window:

1. Click the + New Plus icon and choose Bank Deposit.
2. From the Account ▼ dropdown, choose the account you want to put the money into.
3. Scroll down to the Add funds to this deposit section.
4. Enter the fee as a line item.
5. Choose who the fee was from (for example, the bank charging you).
6. Select Bank Charges from the Account ▼ dropdown. Click + Add New from the Account dropdown. On the account creation window, select Expenses as the account type and Bank Charges as the detail type. Give the account a simple name like “Bank fees.”
7. Enter the amount fee as a negative number. For example, if the fee was US $.50, enter –.50.
8. Review the deposit total with the bank fee.
9. Press Save and close or Save and new.

You can check out this article for the steps and details about creating bank deposits: Record and make bank deposits in QuickBooks Online. If you need to apply a credit from an overpayment, you can check this article: Apply a credit from an overpayment.

I want to make sure I've got you covered. You can click the Reply button below for follow-up questions and clarifications about banking fees and credits. I'll be in touch.

The original question has nothing to do with bank fees or charges yet QBO support doesn't care they just judicially skip over the question and answer an arbitrary one instead.  One might wonder if they are in politics.?.?  From what I read you're not suppose to edit an invoice and change the amount to reflect the ridiculously small overpayment.  I guess QBO doesn't have a true catch all legal solution to this issue because you are right the charges out weigh the amount and would just aggregate the customer and would send the wrong message.  And no I'm not going to issue a credit to them for the penny! I'm going to look into adding it as a late fee.