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

Instructions and Help about How Form 843 Overpayment

This video covers what happens when a customer pays more than what is owed it also covers how to handle discounts for early payments when you record a customer payment that's more than the full amount of the invoice QuickBooks ask you how you want to handle the overpayment and I'm going to show you two scenarios one way the customer has only one outstanding invoice and makes an overpayment and the other where the customer has more than one outstanding invoice first the customer with one invoice so let's choose it from the customers menu go to customers and then go to receive payments we'll choose the customer dante Dallara he paid nine hundred instead of the 886 so we'll type 900 and press tab and enter the check number here you can see the QuickBooks has selected the invoice and applied the 886 to the invoice and indicates that there's an overpayment of $14 when you choose leaves the credit to be used later and save the payment QuickBooks will give the customer a credit the next time you create and save an invoice for the customer QuickBooks will mention that there is a credit available and ask what you want to do if the customer prefers a refund select this option refund the amount to the customer and QuickBooks will create a refund using the payment method that you choose but let's leave it as a credit to be used later ok on to the second scenario let's click Save and new and QuickBooks reminds you that there is the overpayment and you could print the credit memo right away or you could use the credit later when you create the invoice so let's just click OK ok the next customer is Chester Raines and just are...