Recording an Overpayment

Background
Entering Overpayment from Customer
Applying Overpayment Credit
Entering Overpayment to Vendor
Applying Overpayment Debit

Background

This article explains how to enter overpayments from customers and overpayments to vendors into AccountEdge. Entering these overpayments will create credit/debit memos which then need to be applied or refunded.

To enter an overpayment received from your customer

  • Click on Sales Command Center > Receive Payments.
  • From the list in the top left corner of the window, choose the account where the money will be deposited.
  • Enter the Customer Name, Amount Received, Type of Payment and Details (optional), Id # (only if you want to change the default), Date, and Memo. When you selected the Customer, your sales orders will appear on the bottom portion of the window.
  • Enter the full amount of the payment received in the Amount Applied column next to the Inv# you are paying, regardless of what the amount due is. It is very important that the amount received is equal to the amount applied. Click Record.
  • The following message will appear: "This payment will result in 1 credit memo. Use Settle Credits to apply the credit to an open receivable or to write a refund check."
  • Click OK.

To apply or refund the credit

  • Go to Sales Command Center > Sales Register.
  • Click on the tab Returns & Credits.
  • Locate the credit you wish to apply or refund and then click either Pay Refund or Apply to Sale.

To enter an overpayment to a vendor

  • Click on Purchases Command Center > Pay Bills.
  • From the list in the top left corner of the window, choose the account from which the money is being paid.
  • Enter the Vendor Name, Check Number, Date, Amount and Memo. When you enter the Vendor, your purchase orders will appear on the bottom portion of the window.
  • Enter the full amount of the payment in the Amount Applied column next to the PO you are paying. Click Record.
  • The following message will appear: "This payment will result in 1 debit purchase. Use Settle Debits to apply the debit to an open payable or to deposit a refund check." Click OK.
  • To apply or refund the debit purchase, go to Purchase Command Center > Purchase Register.
  • Click on the tab Returns & Debits.
  • Locate the debit you wish to apply or refund and then click either Receive Refund or Apply to Purchase

To apply or refund the debit

  • Go to Purchases Command Center > Purchases Register.
  • Click on the tab Returns & Debits.
  • Locate the debit you wish to apply or refund and then click either Received Refund or Apply to Purchase.