Write Off Overpayment

Discussion in 'Quickbooks' started by kthr33, Apr 28, 2005.

  1. kthr33

    kthr33 Guest

    Recently I inherited this situ. In the process of cleaning up and
    getting the accounts under control, I found a payment to a vendor
    account that was overpaid by $.20 about a year and a half ago. Because
    the amount is so small and the time to correct this with the vendor is
    long past the simplest situ now may be to just write it off. So far I
    have not been able to find a way to write this off. Would anyone know
    how to accomplish this? All ideas and comments will be greatly
    appreciated. Thanks, K.
     
    kthr33, Apr 28, 2005
    #1
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  2. kthr33

    !-! Guest

    General Journal Entry: debit bank charges or some other expense,
    credit accounts payable (Vendor's name). Then Pay Bills - select the
    Journal Entry and apply the overpayment to it.


    "kthr33" <> wrote in message
    news:...
    > Recently I inherited this situ. In the process of cleaning up and
    > getting the accounts under control, I found a payment to a vendor
    > account that was overpaid by $.20 about a year and a half ago.

    Because
    > the amount is so small and the time to correct this with the vendor

    is
    > long past the simplest situ now may be to just write it off. So far

    I
    > have not been able to find a way to write this off. Would anyone

    know
    > how to accomplish this? All ideas and comments will be greatly
    > appreciated. Thanks, K.
    >
     
    !-!, Apr 28, 2005
    #2
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  3. kthr33

    none Guest

    Enter a bill from that vendor for .20 and pick the miscellaneous or
    similar account to distribute it to. Use pay bills / set the .20 credit
    to pay the .20 bill.


    kthr33 wrote:
    > Recently I inherited this situ. In the process of cleaning up and
    > getting the accounts under control, I found a payment to a vendor
    > account that was overpaid by $.20 about a year and a half ago. Because
    > the amount is so small and the time to correct this with the vendor is
    > long past the simplest situ now may be to just write it off. So far I
    > have not been able to find a way to write this off. Would anyone know
    > how to accomplish this? All ideas and comments will be greatly
    > appreciated. Thanks, K.
    >
     
    none, Apr 28, 2005
    #3
  4. Make a journal entry debiting 'Discount Allowed' and crediting
    'Accounts Receivable' by $0.20 and select the name of the customer
    in the Name column. Now go to 'Pay Bills' window, select the
    transaction having $0.20 and click on 'Set Credits'.

    Victor

    myQBaccountant Team
    Free unlimited Quickbooks Support
    http://www.myqbaccountant.com/
     
    myQBaccountant, Apr 29, 2005
    #4
  5. kthr33

    kthr33 Guest

    Thanks everyone for all the suggestions. Appreciate the help. K.

    myQBaccountant wrote:
    > Make a journal entry debiting 'Discount Allowed' and crediting
    > 'Accounts Receivable' by $0.20 and select the name of the customer
    > in the Name column. Now go to 'Pay Bills' window, select the
    > transaction having $0.20 and click on 'Set Credits'.
    >
    > Victor
    >
    > myQBaccountant Team
    > Free unlimited Quickbooks Support
    > http://www.myqbaccountant.com/
     
    kthr33, May 3, 2005
    #5
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