Overpayment - Please reply as soon as possible

Problem reported by Trish Clements 11 years ago

hi I have three invoices with Now Careers and on the first invoice 161 they paid the VAT at £267.40 and not £264.60 as indicated on the statement. Therefore leaving a balance of £2.80

Invoice 163 - they paid VAT for £282.80 which the VAt should be £261.80 therefore leaving a overpayment of £21.00

I am in the process of trying to reconcillate my account. Unfortunately the system will not allow me to make the payment as it is too much

I have read your notes and have tried to allocate the overpayment in their account by inputing the overpayment as money in but it does not reconcillate the bank account as it does not allocate the credit. I have also tried to enter a refund, but the supplier does not appear when i try and use this service

I am unable to create an invoice as this is an overpayment of VAT and I will be refunding the difference to Now Careers in the next few days. However I am unclear how to resolve this issue and where to allocate the payment.

I have left the entries for your information.

I should be grateful if you could reply as soon as possible

Many thanks

Trish

Solved
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4 Replies

Hi Trish,

First a quick question - have you imported a statement with the two overpayments on?

11 years ago

Yes the statement has been imported. Its the October statements. I have tried allocating this money via the statement but it will not allow me to post the entry as there is too much money to allocate I have also tried to do the payment manually and again it will not allow me to enter this.
I look forward to hearing from you urgently.

11 years ago

Hi Trish

First off head to Settings > Codes > All

Look for Trade Debtors, tick the 'show in sales' box then hit update down the bottom.

file

Go back to the bank import and find the first amount, £267.40. Click on it then allocate £264.60 of the £267.40 against INV000161 as follows:

file

You'll then be left with the balance of £2.80. You need to allocate this as a trade debtor overpayment as shown in the next screen shot:

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All being well, you should see this....

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...from where you can simply press 'add transactions'. The £264.60 will have been allocated against INV000161 with the remaining £2.80being a payment on account. You can check this by going to Money > Unallocated cash:

file

Then obviously repeat again for INV000163 before advising your customers they need to start reading the invoices properly!! :-)

11 years ago

Hi Trish & Kevin,

Thanks Kevin for your post, I believe this method would be suitable for Trish to deal with her two unallocated cash amounts.

@Trish, please let us know how you get on with the wonderful solution rendered by Kevin.

All the best,

Shaz

11 years ago

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