Forum Discussion

David68's avatar
5 months ago
Solved

Cheque received for part overpayment

We were advised that two old account with a supplier (AGL) were closed and we had an entitlement to an amount

This amount was subsequently reduced as accounts came through

Initially I had processed a negative accounts payable transaction against the supllier 

They have today sent a cheque for the outstanding credit

I have an amount in accounts payable of -$450

The cheque will be banked and appear as a credit, I would normally then debit my cheque account and credit the general Ledger

How do I clear the Accounts Payable amount?

Thnaks

David

  • Hi David68


    Welcome to the Community Forum and thank you for your post.

     

    I understand your need to ensure that the account payable transaction aligns with the credit amount you're set to receive. If the payable amount and the credit are identical in value, you could potentially process a refund to the ledger account, effectively neutralizing the value in the bank. 

     

    The specific steps to do this may vary depending on the software you're using. I recommend checking the Browser or Desktop tab of this article for more detailed guidance.

     

    If this doesn't fully address your query, please don't hesitate to provide more information about your situation. We're here to assist you further.

     

    Thanks,
    Genreve

     

1 Reply

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator

    Hi David68


    Welcome to the Community Forum and thank you for your post.

     

    I understand your need to ensure that the account payable transaction aligns with the credit amount you're set to receive. If the payable amount and the credit are identical in value, you could potentially process a refund to the ledger account, effectively neutralizing the value in the bank. 

     

    The specific steps to do this may vary depending on the software you're using. I recommend checking the Browser or Desktop tab of this article for more detailed guidance.

     

    If this doesn't fully address your query, please don't hesitate to provide more information about your situation. We're here to assist you further.

     

    Thanks,
    Genreve