invoice staged payment but wrong amount paid
Good evening dear community,
I have a situation where I have agreed with a client staged payment terms for an invoice: 50% at order, 50% at delivery.
The accounting department has mistakenly paid 100% at order, I have then transferred back 50%.
In MYOB Business, I don't know how to allocate the various entries:
- Entry 1: 100% paid by the client
- Entry 2: 50% reimbursed by me
I could not allocate the reimbursement entry to my invoice directly.
I suspect that I need to allocate 50% of the first entry to the invoice and the remaining 50% to another chart of account, and then allocate my reimbursement to that other chart of account so they cancel out.
Would someone have a solution they could explain step-by-step ?
Thank you in advance
Hi frenchery,
No worries, I got you!
If a customer overpays an invoice, just record a Receive Payments transaction for the total amount they paid, including the overpayment. This will automatically create a credit for the extra amount, which you can either refund or apply to another invoice. For more details, check out this Help article: Customer Overpayments.
Another way to handle it is by creating a separate account for the overpayment. Allocate the extra 50% there, and when you reimburse the 50%, record a Spend Money transaction and allocate it to the overpayments account to reconcile.
Feel free to get in touch if you need more help.
Cheers,
Princess
