Video instructions and help with filling out and completing Can Form 843 Overpayment

Instructions and Help about Can Form 843 Overpayment

Hey there Matt hull Quist here with the QuickBooks University I wanted to show you how to handle an overpayment in QuickBooks okay so this can happen it happens actually a fair amount you issue an invoice to a customer and it's a certain amount and they overpay it for whatever reason you know they might just be looking at it wrong who knows okay so what do you do in that situation how do you record that in QuickBooks all right so let's go through that we're gonna say let's go up to let's say we get a check in the mail for an invoice that we issued to a customer okay so we're gonna just go to customers receive payments right here you can also do that on the home screen right here receive payments alright so we'll say receive payments and let's pick a customer okay well we're gonna say Cristie Abercrombie and let's say that she paid us instead of three thousand one hundred and eleven dollars and twenty eight cents she paid us three thousand two hundred eleven and twenty eight cents okay when you have multiple invoices okay what it's going to do in QuickBooks is it's just going to put it here okay and max that out and then it's gonna put the additional hundred dollars there okay so this is okay to do generally I like to run that by the customer or the client to make sure they're okay with that I say hey you overpaid this do you want to just apply it to this other invoice or how would you like to handle that okay so in this case they say I don't want to apply it to that I want you to refund my money okay so here's what happens when we uncheck this second invoice alright you'll see that it still shows three thousand one hundred eleven dollars and twenty eight cents okay because it's just zeroing out that invoice but it brings up this box down here that says okay you have an overpayment when you're finished what do you want to do you want to leave this credit to be later okay and if so it's gonna say available credits this customer has credits to apply okay or do you want to refund the amount to the customer okay so let's say we want to refund the amount to the customer all right so let's hit save and close okay so it brings up this screen that says issue a refund and refund is due to Christie Abercrombie for $100 etc online payment okay we want to issue this via cheque okay you could say transmit memo we're not gonna do an online payment we're gonna do to be printed okay because we're just gonna print a check and send it to Christie Abercrombie now in most cases customers that you have ongoing work for gonna say you know what just use it as a credit against a future invoice typically a customer is just going to be happy that you alerted them that hey they have an overpayment all right but sometimes they're gonna want a refund you know it could be a one-off job that you're only gonna do one thing for this customer and you may never work with them again they're gonna want their overpayment back okay so we're gonna say to be printed and we're gonna click OK all right so now if we go to file go down to print forms okay we've got checks here and you'll see one here - Christie Abercrombie for $100 all right all right that's basically how you're gonna handle overpayments in QuickBooks all right pretty straightforward we'd love to have you join us over at the QuickBooks University we've got 45 training videos and 12 advanced videos over there that will walk you through everything you need to know in QuickBooks and you also have access to me as a member we have a forum where you can ask me any questions you can also email me questions as a member and I will help you get your QuickBooks to where it needs to be so you can make the right decisions in your business to grow and to make money alright so head on over there QB University Ord I look forward to seeing you over there you

100%
Loading, please wait...