Adjusting for overpaid and underpaid invoices

I have a client that underpaid a batch of invoices (by 75 cents!) and then overpaid (by a larger amount) a second batch of invoices. When I "receive a payment" on an invoice, it doesn't allow me to adjust the amount of the payment. So now my actual check deposit doesn't match the amount I can enter for the transaction. What do I do? (And please be very specific. I'm a sole proprietor, not an accountant.) Thanks!

Best Answer

  • asmad
    asmad Member
    Accepted Answer
    I did think about doing that before, but it wouldn't leave as good a paper trail as transactions. I wound up issuing a refund for the short pay and then issued a new invoice for the overpay. If I issued a credit, it didn't work because it factored in the refund, thereby changing the credit amount, and I needed to be able to reconcile these, as the transactions weren't in the same statement month.
    It just seems like there should be a better way. Quicken should have a way to account for the fact that accounts payable people may make mistakes on their checks and at the receiving end we might need to be able to make adjustments.

Answers

  • Greg_the_Geek
    Greg_the_Geek SuperUser, Windows Beta ✭✭✭✭✭
    I would suggest adjusted the amount on the invoices to match the payments.
    Quicken Subscription HBRP - Windows 10
  • asmad
    asmad Member
    Accepted Answer
    I did think about doing that before, but it wouldn't leave as good a paper trail as transactions. I wound up issuing a refund for the short pay and then issued a new invoice for the overpay. If I issued a credit, it didn't work because it factored in the refund, thereby changing the credit amount, and I needed to be able to reconcile these, as the transactions weren't in the same statement month.
    It just seems like there should be a better way. Quicken should have a way to account for the fact that accounts payable people may make mistakes on their checks and at the receiving end we might need to be able to make adjustments.
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