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yourperfectsmile
March 19, 2021
Solved

Dealing with overpayment and refund of this.

  • March 19, 2021
  • 1 reply
  • 0 views

We continued to pay a standing order for a loan after the final payment. The over payments were refunded the following day directly back into our bank. How do I deal with this please?

Best answer by Ashleigh1

Hi Yourperfectsmile, thanks for coming back to us with the information. 

 

So this is what you need do you 

 

Create the transaction for paying the loan repayment. If you go to the new+ icon click on expense, select the supplier name and expense it from the creditors account fill in all the rest of the information in with the correct date the money left your bank and save  

 

Then go back to the new+ icon and do a deposit to the creditors chart of account selecting the supplier name and again fill in the rest of the information with the correct date that the amount was received into your bank and save

 

Then you can then click them together via a cheque so new + click on cheque, enter the suppliers name and link the expense and deposit together(you will be able to tick them both on the transaction)

 

 

 

1 reply

A
Ashleigh1
March 19, 2021

Hello Yourperfectsmile, 

 

Welcome to the Community page, 

 

Can you please tell us how was the overpayment accounted for? What kind of type of transaction was it? 

Y
yourperfectsmileAuthor
March 19, 2021

Hello, I haven't dealt with the overpayment yet, I was looking for advice on what was the right way to deal with both.

A
Ashleigh1Answer
March 19, 2021

Hi Yourperfectsmile, thanks for coming back to us with the information. 

 

So this is what you need do you 

 

Create the transaction for paying the loan repayment. If you go to the new+ icon click on expense, select the supplier name and expense it from the creditors account fill in all the rest of the information in with the correct date the money left your bank and save  

 

Then go back to the new+ icon and do a deposit to the creditors chart of account selecting the supplier name and again fill in the rest of the information with the correct date that the amount was received into your bank and save

 

Then you can then click them together via a cheque so new + click on cheque, enter the suppliers name and link the expense and deposit together(you will be able to tick them both on the transaction)

 

 

 

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