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Write Off Overpayment

 
 
kthr33
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      04-28-2005, 05:02 PM
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.

 
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!-!
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      04-28-2005, 05:39 PM
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
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> 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.
>



 
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none
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      04-28-2005, 05:52 PM
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.
>

 
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myQBaccountant
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      04-29-2005, 12:49 PM
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/

 
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kthr33
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      05-03-2005, 07:03 PM
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/


 
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