Invoice vs Payment difference

I Fly · ‎July 05, 2024

I know this answer is simple..

I have an invoice listed for 250.50, but the amount paid in the bank was 250.60, I can NOT think of the proper solution.. I'm second guessing everything!

Kevin_C

Thanks for clarifying your concern, @I Fly. It's my pleasure to provide additional details to help you record these vendor transactions seamlessly.

Since it was paid and posted in your bank as 250.60, you can record a bill payment to the same amount on the banking page while leaving your bill as 250.50.

The extra 0.10 will be left as vendor credits that you can use the next time you pay that vendor.

If you have connected your bank to the online bank feeds and it downloaded into your transaction list, you can match it to the recorded bill payment to avoid double entries.

Do you need assistance obtaining the report necessary for your vendors, customers, and other financial data? This article will guide you on how to effectively utilize the Reports feature: Understand reports.

If I can be of any additional assistance with other vendor-related activities, kindly add a comment below. I'm available around the clock to provide relevant information. Have a great day!

View solution in original post

KayePe

It seems that your customer has overpaid the invoice, resulting in you receiving an extra amount of 250.60, @I Fly. I can assist you in addressing this overpayment.

You have a couple of options to handle this situation. You receive the entire payment as you would normally do and retain the extra 10 cents as credits. This way, you can apply it to the open invoice of the same customer. Here's how:

Go to Customers and then choose Receive Payments.
Under the Received from dropdown, pick a customer.
Click the Discounts and Credits icon.
On the Credits tab, check the credit you want to apply and then Done.
You may see a prompt to Confirm transfer. If you do, select Yes. The amount will be applied automatically to the invoice.
Select Save & Close

Alternatively, you can issue a refund to the customer using QuickBooks Desktop (QBDT).

On the other hand, you can refer to the following link for additional guidance on recording your customer's invoice payments in QBDT: Record an invoice payment.

Once done and you still have queries with payments or managing invoices, let me know. I'm always here to provide answers. Keep safe.

I Fly

Ah! Thats worth noting for a customer, however, as I should have been more clear, this is a vendor.

They were actually paid 250.60, i recorded 250.50, the amount that should have been paid.

Kevin_C

Thanks for clarifying your concern, @I Fly. It's my pleasure to provide additional details to help you record these vendor transactions seamlessly.

Since it was paid and posted in your bank as 250.60, you can record a bill payment to the same amount on the banking page while leaving your bill as 250.50.

The extra 0.10 will be left as vendor credits that you can use the next time you pay that vendor.

If you have connected your bank to the online bank feeds and it downloaded into your transaction list, you can match it to the recorded bill payment to avoid double entries.

Do you need assistance obtaining the report necessary for your vendors, customers, and other financial data? This article will guide you on how to effectively utilize the Reports feature: Understand reports.

If I can be of any additional assistance with other vendor-related activities, kindly add a comment below. I'm available around the clock to provide relevant information. Have a great day!

I Fly

THANK YOU!!!

That was my initial solution then I started second guessing myself!

I appreciate it!

Carneil_C

Hello, @I Fly.

On behalf of my colleague, Kevin_C, you're welcome.

The QuickBooks Community will always be around to lend you a hand any time you need guidance.

I'll be around if you need further assistance with any QBO-related tasks. I hope you have a pleasant day ahead. Keep safe always!

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Invoice vs Payment difference