HOME ABOUT US ARTICLES BLOG FAQ CONTACT US
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

Articles Blog

MYOB/Reckon/Xero – Customer paid invoice twice – how I do the bookkeeping when paid twice by accident?

images/BusinessFinancials.jpgClientI have a customer who paid their invoice twice (that is $80.03 twice, total $160.06 arrived in my account) and I know in the bookkeeping I needed to create another invoice to take up the extra in the bank paid by accident, and then raise a credit for the client. I have already refunded the money to them. I started entering transactions, but now I am trying to sort out what I have entered and got confused. Can you help?

Answer - Get the full picture to start – that is all transactions that have been raised -

Ctrl+Y and search Card for transactions and we get -

images/MYOB sort refund.jpg

So now, there is (as above) -

·         3058 Inv 28/4 – Original Inv

·         3062 Inv 5/5 – Credit /Reversal

·         SJ ...044 6/5 = which is applying the credit

And nothing to pick up the $160.06 on the bank!!!

What we need is to enter in the order the events occur

3058 Inv 28/4 – Original Inv                          $80.03

Xxxx Inv 5/5 – to pick up EXTRA paid           $80.03                  

NB – easiest to start a new Inv

(Total Received, as on Bank                         $160.06 for the 2 Inv above)

Then -                                               

Receive Payment                                        $160.06 which will apply to 3058 and xxxx – and it will match the bank deposit

Next create a CREDIT for the Overpayment

Xxxx Inv 5/5 – Credit Reversal                      -$80.03

Then – such as in MYOB, but similar in Reckon and Xero (call for FREE help if required)

Enter Refund - click Register icon at bottom of Invoice window (Sales Register) > Returns and Credits (tab) > highlight correct credit you want > at lower LHS click ”Pay Refund” > update Cheque No. to W (withdrawal), Date and Bank account at top,

Record

Get Your FREE “Avoid these GST mistakes”

There are 18 that the Tax Office see regularly – Get them right! This email address is being protected from spambots. You need JavaScript enabled to view it.

Need help? Not sure? Call for FREE 30min advice / Strategy session today!

Call 0407 361 596 Aust

Call for FREE 30min advice 0407 361 596 or click for the list of our articles.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software

CATEGORIES


CUSTOMER LOGIN





Forgot your password?
Forgot your username?
Create an account

YOUR CART

The cart is empty

Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
© Account Keeping Plus 2012   |   Website Design by Low Cost Web Site Design Melbourne    |   Admin