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Over paid supplier

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GardinerBros
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GardinerBros
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Over paid supplier

Hi,

 

I recently received a monthly statement displaying all invoices for the month from a supplier. I paid the exact amount due on the statement however, after throughly looking at the statement (after I had paid) I noticed that they displayed the previous monthly activity (which I had already paid) and added this into the bill. I had therefore over paid them for that month. As they are a regular supplier I do not feel the need for a refund and will just receive a credit on the next statement. I was wondering how I allocate this amount in MYOB essentials as I can only allocate the full amount which is more than the total of the invoices for that month. From my readings, I beleive I need to add a credit note, however am unsure on exactly how to do this.

 

Any help would be appreciated.

 

Gardiner Bros.

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Ultimate Partner CathieR
958 Posts
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Australia
CathieR
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Re: Over paid supplier

In order to process the payment you will need to create a dummy bill for the amount overpaid so you can match the amount acutally paid. For the following month you will need to create a return for the overpaid amount. Go to purchases>create supplier return. For a detailed explanation hit the ? then "help for this page"
Cathie Robilliard
BCom. (Acc/Finance) UNSW
MYOB Certified Consultant
BAS Agent
email:cathier@optusnet.com.au
Servicing Sydney South, NSW
MYOB Moderator CloverQ
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CloverQ
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Re: Over paid supplier

Thank you for your enquiry @GardinerBros 

 

The method Cathie suggested would certainly work, an alternative method you can also consider would be manually recording the full payment directly to bills. If the payment is for multiple bills, you can add the overpaid amount to one of the bills therefore the sum of all payments matches your bank statement. You can then match it to the bank feeds transaction.

 

Once the payments are recorded, Essentials will automatically create a supplier return for the overpaid amount. You can go to Purchases > Process Supplier Returns > apply it to next month's bills.

 

Hope this helps. Please do not hesitate to post again if you have further queries.

Cheers,
Clover

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