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A
arshia200
November 11, 2020
Question

Received Underpayment

  • November 11, 2020
  • 1 reply
  • 7 views

We received an underpayment from one of our customers who was doing an international money transfer to us and put the transaction charges on us, hence the underpayment.

 

I already had made a invoice for this customer on quickbooks with the original (not underpaid) amount.

My question is, since the transaction charges is an expense for us, should I enter it as a bill ? Can I LINK the transaction charges entered as an expense with the underpaid invoice ? Is there any way to do this.

 

If not, what are the correct steps to be followed in this case ?

1 reply

RenjolynC
RenjolynC
Level 9
November 11, 2020

I'll share a way on how you can resolve the underpayment, arshia200.

 

Let's open the invoice and make a payment by following these steps:

 

  1. Go to Customers > Customer Center.
  2. Select the customer's name and open the invoice.
  3. From the Main menu, click the Receive Payments button.
  4. In the Receive Payments window, select the invoice you want to pay.
  5. Enter the underpaid amount in the Payment column. 
  6. Choose the option that applies under the UNDERPAYMENT section.
  7. Hit Save & close twice.

Please see this sample screenshot for a visual reference:

 

 

You can also read this article for more information: Get started with customer transaction workflows in QuickBooks Desktop.

 

For any follow-up questions, please feel free to leave a reply and I'll get back to you as soon as I can. Take care and stay safe.

    S
    SHaynes1101
    June 14, 2023

    This was so simple in the desktop version.  Do you know how to do this in QB Online? I can't figure it out and no one seems to know when I call them for help.

     

    Thank you!

    Suzanne

    LieraMarie_A
    LieraMarie_A
    Level 8
    June 14, 2023

    Thanks for chiming in, Suzanne.

     

    It looks like you have received an underpayment from a customer who incurred transaction charges during an international money transfer. To handle this situation in QuickBooks, you can follow these steps:

     

    1. Click + New and select Receive Payments.
    2. Enter all the payment information.
    3. Select the checkbox next to the invoice you would like the payment to be applied to.
    4. In the Deposit to field, select Undeposited funds. 
    5. Choose Save and close to record the transaction.

     

    Once done, enter the fee as a negative amount on the Bank Deposits screen when depositing a payment. Here's how:

     

    1. Select + New and then Bank Deposits. You should see the payment you entered in the Select Existing Payments section at the top.
    2. Place a checkmark to select the payment you want to deposit.
    3. From the Add other funds to this deposit section, enter the amount of charge as a negative amount.
    4. From the Account section, select the Expense account.
    5. Verify that the deposit amount is correct.
    6. Choose Save and close to record the transaction.

     

    Finally, if your bank is connected to QuickBooks Online, you can match the deposit with the downloaded transaction.

     

    Please let me know if you need more help with categorizing your transactions, Suzanne. I'm always here to help. Have a good one.

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