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M
Mary107
February 9, 2021
Question

Extra payments to Vendors

  • February 9, 2021
  • 1 reply
  • 0 views

Hello,

 

As a gift, I sometimes overpay my vendor invoices, how do I adjust my bill on Quickbooks to reflect my over-payment?

Do I create a new "gifts" account in my chart of accounts?

 

Thank you!

1 reply

J
JamesM4
February 9, 2021

Hi Mary107, 

 

Glad to hear from you again. I hope all is well on your end. It's great that you show a gesture of kindness by gifting people. I'd be happy to steer you towards the right path with adjusting your bill in QuickBooks. 

 

In order to adjust a bill, click on the New (+) icon > click on Bill > this will open up a bill template and from here, click on the clock icon at the top left corner of your screen > from the drop-down list, select the bill in question > make appropriate adjustments > hit Save. I'd recommend consulting your accountant to know how to enter the overpayment the best way. Feel free to search for accounting professionals in your area using this link here if you need to. 

 

Give this a try and if you get stuck, don't hesitate to reach back to me in the comments below. I'm here to help. 

M
Mary107Author
February 9, 2021

Hi, JamesM4

 

Thank you for reaching out! I am using Quickbooks Desktop Contractor Edition...I can't seem to find the clock icon?

 

Thank you!

J
JamesM4
February 9, 2021

My mistake. The steps I provided above are for QuickBooks Online. For QuickBooks Desktop, you'd have to open the bill in question and make the appropriate adjustments that'll reflect the gift amount. Let me know if you have questions. 

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