Total QBO noob here.
Here's the scenario: a customer overpaid me. When I try to match the payment to the invoice, I get notified that I need to correct the error. I simply want the overpayment to carry over to next month - I don't want to issue another invoice now, since the invoices are done for hourly work and I do not yet know how much time I will spend on this particular customer. How do I go about this?
Solved! Go to Solution.
You can manually clear the transactions in the bank register, essiev.
I've got the steps here:
Here's a sample screenshot for reference:
After clearing all of the transactions, you can start reconciling the account.
If you need more assistance, let us know and we will help you further. Thanks.
I have this same problem - a credit amount from an overpayment does not show up in the statement (transactional or otherwise) - the balance on the statement is incorrect, it shows the customer has paid less than they actually have! And QB dont seem to know how to solve this problem, their help line has been useless.
You can create a receive payment transaction to pay the invoice. Enter the full amount in the transaction, and excess will become a credit to the customer. That payment can also be a matching entry to your bank transaction.
When you create a Statement, you'll want to select the Balance Forward to show the overpayment.
Please let me know if you have additional questions in mind.
Thanks for your prompt response JessT,
The Balance Forward statement does indeed show the correct closing balance and it shows the correct payment amounts including the overpaid amounts, however this statement format shows transaction line items and a running balance and not how payments received were applied to invoices - thats what the transaction statement shows. The transaction format is the one I want to use. But as I said before it does not show unapplied credit balances.
Also, the transaction statement does not show ageing summary yet the other formats (balance forward and open item) do. Is this intended by design? (This is with the ageing summary option enabled under account settings).
Thanks for the quick reply. I want to make sure you can send the transaction with the ageing summary to your customer.
Yes, it's intended by design. Since the transaction statement doesn't show an ageing summary and unapplied credit balances, I suggest pulling up the Account Receivable Ageing Summary report. Then export to Excel or PDF and manually send it to your customer. This report shows an overview of your customers' outstanding balances, days per ageing, and number of periods.
For more information about how to customise a report, please check out this article: Run an accounts receivable aging report.
Please browse through this article: Memorise reports in QuickBooks Online. This link guides you on how to find, edit, and delete a memorised report.
Let me know if you have another concern. I'm always here to help. Take good care always, FrankCA.
I would like to process a customers overpayment in the same manor as this thread. However when I attempt to do so under "receive payment" the system will not let me enter an amount greater than that of the original invoice.
Let's access your account via a private browser to check if it's browser-related or not. Let me walk you through how.
Then, go back to the Receive Payment page and enter the amount paid in the Amount received field (see image below).
If it's working fine, you can clear the cache of your regular browser. This process will delete the corrupted cache files in the browser that causes issues like the one with your receive payment. The steps are found at this link here: Clear cache and cookies to fix issues when using QuickBooks Online.
Additionally, you can create a customer credit memo to record the over payment. We also have a guide on how to record a customer refund just in case you'll need to. It contains detailed steps that'll work you through the process.
Please let me know in the comment section below if you have other questions or concerns. I'll be around to assist you every step of the way. Thanks for coming by and I wish you have a nice day ahead.