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jack1289
April 30, 2020
Solved

Rounding up money received

  • April 30, 2020
  • 1 reply
  • 0 views

I have a customer who always pays me and rounds up what is owed to the nearest pound, so e.g. if I invoice them for £20.75, they pay me £21, or if I invoice them £10.99 they pay me £11.

 

As a result, quickbooks is showing that I owe them money back even though my customer doesn't take the amount of the next invoice and just says it is easier to pay me this way, and just says it like going to a shop and saying "keep the change".

 

How can I do it in quickbooks so that it will show the balance as £0.

 

Best answer by Angelyn_T

Thank you for getting back to us here on the Community page, @jack1289.

 

To close the balance that caused by rounding up the amount, you can either create a credit note or a journal entry in QuickBooks Online.

 

To record a credit memo:

 

  1. Go to the New (+) icon.
  2. Select Credit note or Give credit.
  3. Fill out all required fields (including the customer name, date, products/service items, quantities, and amounts).
  4. Select Save and close.

For additional reference about entering and applying credit notes, read this article.

 

If you wish to create a journal entry, I suggest working with a professional accountant to help ensure the entries are accounted for accordingly.

 

Post again if you have any other questions. I'm always here to help. Have a good day!

1 reply

G
GeorgiaC
April 30, 2020

Hi jack1289,

 

Thanks for your post - the simplest way would be to edit the original invoice to reflect the amount the customer paid for this. 

 

J
jack1289Author
April 30, 2020

Hi @GeorgiaC ,

 

The issue i have with amending the invoice is that they are reimbursement of bills, e.g. i receive a mobile bill for this client/customer and pay it and then they pay me back, so i can't amend the original bills, as they are what i paid.

 

What i do is enter the bill to the mobile company and tick the box saying bill to customer and it auto generates the amount on an invoice i then sent to the customer.

Angelyn_T
Angelyn_TAnswer
April 30, 2020

Thank you for getting back to us here on the Community page, @jack1289.

 

To close the balance that caused by rounding up the amount, you can either create a credit note or a journal entry in QuickBooks Online.

 

To record a credit memo:

 

  1. Go to the New (+) icon.
  2. Select Credit note or Give credit.
  3. Fill out all required fields (including the customer name, date, products/service items, quantities, and amounts).
  4. Select Save and close.

For additional reference about entering and applying credit notes, read this article.

 

If you wish to create a journal entry, I suggest working with a professional accountant to help ensure the entries are accounted for accordingly.

 

Post again if you have any other questions. I'm always here to help. Have a good day!

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