A $2000 over payment was made on a bill. The supplier is aware and I believe they are just going to give a credit towards a future purchase. How do I process the transaction in the downloads?
When I tried to match the cheque payment transaction to the 9 invoices that it was paying, QB told me that the selected and downloaded transactions did not match. They cannot match because the cheque total was incorrect.
It tells me to resolve the difference. How do I do that?
Do I have to create a supplier credit before I do the matching? If I create a credit will it show on the bill list so I can check it and add it with the invoice payments so the totals will match and the transaction can be categorized.
I have only been using Quickbooks for 4 months and have not encountered this situation before.
Any direction would be appreciated. Thanks again!
Solved! Go to Solution.
Hello again DSG1,
QuickBooks Online allows you to match your expenses to the transactions in your bank account with a couple simple steps. It can seem a little tricky when there are overpayments involved, I can help shed some light on how to handle this transaction.
The first step is to record a bill payment for the total including the $2,000 overpayment. To do this:
- Go to Expenses, then select Suppliers.
- Find the supplier that these invoices are related to. They should already be recorded in your QuickBooks Online as bills.
- Click Receive Payment under the Action column for one of the nine invoices.
- In this screen, enter the payment date, payment method and account.
- In the Amount field enter the amount paid to the supplier.
- Then tick the box next to each of the nine invoices related to the payment.
- After doing this, you'll see a message saying "This transaction will create an additional credit in the amount of $2,000.00".
- Click Save and Close.
Now that this bill payment has been recorded, you'll be able to match it to the bank feed transaction. The steps are:
- Find the payment transaction in your bank feed.
- Click on the transaction to expand the view, then select Find Match.
- In the Show drop-down menu, select All or Bill payments.
- Tick the box next to the bill payment that was created previously. It'll show the total amount including the overpayment.
- Click Save.
The overpayment will now be matched to the bank transaction, and a $2,000 credit will show under that particular supplier. You can find more information about bills and matching transactions from the following Community articles:
- Enter a credit from a supplier
- Applying supplier credits
- Enter and pay bills
- Categorize and match online bank transactions in QuickBooks Online
Please let me know if you have any other questions!
Thank you for such a comprehensive answer!
I had previously "Made Payment" of each bill individually. I now realize that the "Credit" that I had read about on the QBO Forum did not show because I did not process them as a group!
Do I now go back into each bill payment that is connected with the overpayment and push the "Clear Payment" button so that I can start over and process the transaction as a group of bills?
Hello again DSG1,
I'm glad to hear that Rebecca's response has been helpful for you! When working with a transaction in the bank feed, one of the key bits is making sure that amounts match, and what she described should work perfectly.
It's good you've noticed the Clear Payment button. This is mostly used for if you're filling in the Pay Bills screen and want to clear out what you've entered so far. For the payments you've already recorded, however, going to them one-by-one and deleting them is a better option to open the bill back up to apply the group payment. This article can help: Void or delete transactions in QuickBooks Online
Once you've done that for each of the nine bills, you should be good to go to re-record the payment with the overage and then match it in the bank feed. You'll note that there isn't a specific field to record the overpayment, so what you can do is enter it in the field with one or more of the other bill payments being included.
Don't hesitate if you've more questions!