• Section: How To
  • Last updated: May 30, 2019, 10:36 a.m.

Record an Overpayment

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.