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Level 1

Bill Payment is greater than Bill amount

We have prepayment setup with a vendor so they deduct $1000 when the charges exceed this no.

So for eg. the total bill amt was 30649.56 and payment is $31000 then what entries needs to be done in QB?

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Best answer December 04, 2018

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Level 15

Bill Payment is greater than Bill amount

assuming you have the bill entered, in pay bills, select the bill, select the pay from account, enter the amount (31K), save.  QB will offer to keep the over payment as a vendor credit which can be applied to the next bill

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4 Comments 4
Highlighted
Level 15

Bill Payment is greater than Bill amount

assuming you have the bill entered, in pay bills, select the bill, select the pay from account, enter the amount (31K), save.  QB will offer to keep the over payment as a vendor credit which can be applied to the next bill

View solution in original post

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Level 3

Bill Payment is greater than Bill amount

Hello,

 

I am using QBO.  I have entered a bill for $3,353.00, but the payment was sent as $3,553.00, over payment of $200.00.  I have entered the payment as $3,553.00 and the account currently shows $-200.00 Open.  The vendor has sent us a refund check in the amount of $200.  How should I process this check to 1) show a zero balance, and 2) have something to match the Banking downloaded transaction to?

 

I appreciate your help - thank you!

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QuickBooks Team

Bill Payment is greater than Bill amount

Good day and thank you for the screenshot, JustineCUE,

 

Let's apply the refund check showing on your banking page to zero out the vendor balance.

 

To do so, you'll first want to categorize the check using accounts payable and assign the vendor. Once done, click Add to record the deposit to your register.
vendorrefund.PNG

 

After that, you can apply the refund to the vendor balance. Let me show you how:

  1. Go to Expenses from the left menu, then choose Vendors.
  2. Open the vendor profile and locate the Bill Payment (Check). The one on your screenshot.
  3. You'll then see the deposit. Mark it, then click Save and close.
    vendorrefund1.PNG
  4. The vendor balance should be zero.

I'm adding these resources to help manage your vendor entries:

Let me know if there's anything else I can help you today. Just tag my name and I'll get back to you.

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Level 3

Bill Payment is greater than Bill amount

@MaryLandT That worked perfectly!  Thank you so much.  Have a beautiful day!

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