negative credit memo


F

FastFreddie

In the past we have had clients over pay by a few cents and my boss wants to
just eliminate the extra few cents since it is not material. He does not
want to sent a check to a client or even a vendor for just a few cents in
order to clear the books. I tried to use a negative number in credit memo
but QB 2002 would not allow this. I have in the past made a new invoice for
clients that make a charge then write an explaination in the memo. What
other suggestions should I use. I probably could enter a general journal
entry but the memo portion in QB is not too great as I notice when I do
write a GJ then print it out I only get a portion of the memo and if I add
memos to the following lines they don't print. Then I have the small change
to vendors of which I am working on one today and not sure what to do with
it. - fjm
 
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T

Tee

FastFreddie said:
In the past we have had clients over pay by a few cents and my boss wants
to
just eliminate the extra few cents since it is not material. He does not
want to sent a check to a client or even a vendor for just a few cents in
order to clear the books. I tried to use a negative number in credit memo
but QB 2002 would not allow this. I have in the past made a new invoice
for
clients that make a charge then write an explaination in the memo. What
other suggestions should I use. I probably could enter a general journal
entry but the memo portion in QB is not too great as I notice when I do
write a GJ then print it out I only get a portion of the memo and if I add
memos to the following lines they don't print. Then I have the small
change
to vendors of which I am working on one today and not sure what to do with
it. - fjm
Create an income account called Over/Short. Then create an Item with the
same name and assign the Over/Short income account to it. This will take
care of both overages & shortages. Create invoices for all those with
outstanding credit memos and use the Over/Short item for the amount. Now go
to Receive Payments and receive the credit memo against the Invoice (they'll
all zero out & disappear from your A/P reports). In the future you can just
use this line item directly on the invoices if you find, when entering data,
that something will be off by a few cents and you know the boss won't want
to either issue a refund or ask the customer to make up the difference.
 
G

GWB

Tee suggests:
Kinda like that little dish of pennies by the cash register at the
Seven-Eleven. <G>
 
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