Reconciling Bank Statement
We had an invoice entered months ago that we set up a monthly automatic payment for through the bank. So monthly I choose 'pay bills' and enter the amount to be taken off the invoice then record. The last automatic payment went out incorrectly, should've been a lesser figure. The company has reimbursed us the difference.
What i'm wanting to know is how to rectify this situation in accountright. How do I process both the payment out which is more than the balance of invoice of course. Then also receipt the money back.
Hope this makes sense! Thanks for your help.
Hi nessbuilders
Thanks for your post. As the payment is more that the balance owing on the invoice you could treat this as a supplier overpayment. When entering the payment in Pay Bills you would enter the total payment, including the overpaid amount, which will automatically create a debit note for the overpayment. You would then go to Purchases Register>>Settle Returns and Debits tab>>select that debit and click Receive Refund.
These help articles will guide you through this process:
Please let me know if you need further help.
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