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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?
No need for entries, mhussain.
You can leave the over payment as an additional credit. You'll just have to record the payment normally, then you can use the available credit on the future bills.
Here's how to record the payment:
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