If you can't reach the customer for the refund to be processed and if they don't have any open invoices, you can just leave and hold the credit as unapplied and apply it to the new invoices in the future. However, in your case, if you want to remove this credit from the Return and Credit tab, you might opt to journalthe refunds to an asset account if the refunds are expected to be claimed in the future or to a liability account if you're holding the refunds for specific purposes. You may also try your second option, which is creating a new invoice with the same amount and applying the credit note.
I recommend checking with your accountant about recording this to ensure that you're allocating the transaction to the correct account.
Please let me know how you get along and if you require any further assistance with this. I'm here to help in any way I can.
If a customer pays an invoice twice, record the payment as you normally do for the open invoice and then create a customer return for the second payment. When an overpayment is recorded, customer credit is created for the overpaid amount. This can be refunded or applied to other open invoices. This depends on the customer's preferred option. Regarding the account you would be allocating to, you can create a new asset account and ensure that the set account type is bank. But it would be best to speak to your accountant regarding which account you should be allocating funds to.
Our Help articles below have detailed information on handling overpayments.
If you can't reach the customer for the refund to be processed and if they don't have any open invoices, you can just leave and hold the credit as unapplied and apply it to the new invoices in the future. However, in your case, if you want to remove this credit from the Return and Credit tab, you might opt to journalthe refunds to an asset account if the refunds are expected to be claimed in the future or to a liability account if you're holding the refunds for specific purposes. You may also try your second option, which is creating a new invoice with the same amount and applying the credit note.
I recommend checking with your accountant about recording this to ensure that you're allocating the transaction to the correct account.
Please let me know how you get along and if you require any further assistance with this. I'm here to help in any way I can.
Cheers,
Princess
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Hello All,
We have a couple of old customers who have paid their invoices twice. The overpayment amount is sitting in Returns & Credits.
I have been unable to contact the customers to pay them the refund.
How do I remove them from the Returns & Credits? What account would I allocate this transactions to?
Regards,
Lea
","body@stringLength":"395","rawBody":"
Hello All,
We have a couple of old customers who have paid their invoices twice. The overpayment amount is sitting in Returns & Credits.
I have been unable to contact the customers to pay them the refund.
How do I remove them from the Returns & Credits? What account would I allocate this transactions to?
Regards,
Lea
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Customer Refund","moderationData":{"__ref":"ModerationData:moderation_data:846263"},"body":"
If a customer pays an invoice twice, record the payment as you normally do for the open invoice and then create a customer return for the second payment. When an overpayment is recorded, customer credit is created for the overpaid amount. This can be refunded or applied to other open invoices. This depends on the customer's preferred option. Regarding the account you would be allocating to, you can create a new asset account and ensure that the set account type is bank. But it would be best to speak to your accountant regarding which account you should be allocating funds to.
\n
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Our Help articles below have detailed information on handling overpayments.
If a customer pays an invoice twice, record the payment as you normally do for the open invoice and then create a customer return for the second payment. When an overpayment is recorded, customer credit is created for the overpaid amount. This can be refunded or applied to other open invoices. This depends on the customer's preferred option. Regarding the account you would be allocating to, you can create a new asset account and ensure that the set account type is bank. But it would be best to speak to your accountant regarding which account you should be allocating funds to.
\n
\n
Our Help articles below have detailed information on handling overpayments.
If you can't reach the customer for the refund to be processed and if they don't have any open invoices, you can just leave and hold the credit as unapplied and apply it to the new invoices in the future. However, in your case, if you want to remove this credit from the Return and Credit tab, you might opt to journalthe refunds to an asset account if the refunds are expected to be claimed in the future or to a liability account if you're holding the refunds for specific purposes. You may also try your second option, which is creating a new invoice with the same amount and applying the credit note.
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I recommend checking with your accountant about recording this to ensure that you're allocating the transaction to the correct account.
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Please let me know how you get along and if you require any further assistance with this. I'm here to help in any way I can.
If you can't reach the customer for the refund to be processed and if they don't have any open invoices, you can just leave and hold the credit as unapplied and apply it to the new invoices in the future. However, in your case, if you want to remove this credit from the Return and Credit tab, you might opt to journalthe refunds to an asset account if the refunds are expected to be claimed in the future or to a liability account if you're holding the refunds for specific purposes. You may also try your second option, which is creating a new invoice with the same amount and applying the credit note.
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I recommend checking with your accountant about recording this to ensure that you're allocating the transaction to the correct account.
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Please let me know how you get along and if you require any further assistance with this. I'm here to help in any way I can.
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Cheers,
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Princess
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