Skip to main content
S
Sonny209
January 19, 2024
Solved

Customer overpayment and want to retain as credit

  • January 19, 2024
  • 1 reply
  • 0 views

Hi,

I have a customer who made an overpayment 2 months ago and we have no invoice and might not be receiving invoice until couple months from now , so I want to retain this credit for the customer.  We did receive payment and the credit shows up in A/R report and unapplied payment in the customer page . 

 

is there anyway for the credit not to show up on a/r report, like if i can move the credit from accounts receivable to some other liability account ?   

Best answer by Rainflurry

thank you that worked to get it out of the a/r.   what if in future i don't get invoice and have to refund them , would i be writing a check and choosing other current liability account to pay out of it ? or if i do get invoice how would i apply 


@Sonny209 

 

"what if in future i don't get invoice and have to refund them , would i be writing a check and choosing other current liability account to pay out of it ?"

 

You got it.  Assign the liability account to the check and you're all set.

 

"or if i do get invoice how would i apply"

 

You can move it back to A/R with a journal entry - debit the liability account, credit A/R.  Then apply it to the invoice using New > Receive payment.  Or, you can create a 'Customer Deposit' service product (select the liability account under the 'Income account' drop down in the product set-up screen) and add that to the invoice as a negative amount.  That will reduce the amount due by the amount of the deposit and reduce the liability account by the same amount.  Either way works.  It's up to you which one to use.  

 

1 reply

L
LeizylM
January 19, 2024

I'm here to assist you in finding a way to keep this credit for your customer without affecting your A/R report, Sonny. 

 

We can create a journal entry to move the credit from the accounts receivable to this new liability account. This will remove the credit from the A/R report. 

 

Here's how:

 

  1. Click +New and select Journal entry.
  2. On the first line, debit the Accounts receivable.
  3. Put the amount on the debit column on the first line.
  4. On the next line, credit the liability account.
  5. In journal entries, the total of the Debit and Credit columns must be equal.
  6. Once done, click Save and Close.

 

Let me also share these articles that you can utilize for future use. These can walk you through the steps on how to modify your reports based on your preference: Customize reports in QuickBooks Online.

 

If you have any follow-up queries about your report, make sure to tag me in your response. I'm always here ready to help you anytime. Keep safe and always stay healthy!

S
Sonny209Author
January 19, 2024

i created the journal entry as you stated , now i get  payment and journal entry showing up on A/R Report .   I have attached the picture of it

Terms & ConditionsAccessibility statement