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Diane18
December 10, 2020
Question

How to clear a very small overpayment that needs to be written off

  • December 10, 2020
  • 1 reply
  • 0 views

We invoiced a customer for $444.94.  He sent an EFT for $445.00

I'm wrecking my brain trying to figure out how to write it off and clear it from the books.  When I create a credit memo, it then asks what to do with it:  write a cheque or apply to open invoice.  I do not want to write a cheque for $0.06 and there are no open invoices.  Any advice?

1 reply

PatriciaT
PatriciaT
December 10, 2020

Hi Diane18,

 

Thanks for reaching out! Making sure everything's lining up correctly in your books is key in the running of your business. I'll be happy to point you in the right direction with this.

 

Apart from using the excess invoice payment as a credit memo, you can also explore resolving the difference when matching both transactions ($445.00 and $444.94) in your bank feeds. This will enable you to include the $0.06 to close the gap before completing the match. Here's an article to assist you during this process: Add and match Bank Feed transactions in QuickBooks Desktop

 

Depending on you prefer to manage your books, doing a journal entry might be the most convenient option for you. Either way, I'd strongly recommend reaching out to an accountant to determine the best approach on how to record and write this off. Accountants are incredible sources to ensure accuracy across your books. If you don't have an accountant, you can easily connect with one around your area by going on our Find-a-ProAdvisor website

 

I hope this helps! Let me know if you have more questions.

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