We received an overpayment from our client and we entered that via receive payment. Is there a way to create a credit memo of this overpayment to send to the client ? If I create a credit memo using the create memo icon, the fund would be duplicated.
you should not receive payments for invoices that do not exist. This will create a problem for you in your AR account. Go back and delete the payment, then issue a credit memo instead. This way you will be able to print the credit memo for your client and when you issue them another invoice it will prompt you that they have credits available and you can receive them against the newest invoice for an accurate balance.
The invoice exists. The customer overpaid. We have to enter the payment otherwise we can't reconcile the bank balance since the payment was deposited in the bank. We are not allowed to apply credit automatically. The customer will be the one authorizing us to apply it to the invoice they want. So we need to let them know that they overpaid by sending them a credit memo, not just a letter.
if that is the case then when you receive the payment you should enter the amount paid as you normally would. At this point a box will pop up in the bottom right corner that says Overpayment and asks if you want to leave the credit to be used later or refund the amount to the customer.
Choose leave the credit to be used later. At this point once you click "save and new" or "save and close" you will get a message that has 3 boxes, print credit memo, o.k., or cancel. Click print credit memo and it will print out for you and then the credit will be available for you to apply to your next invoice.
The unfortunate part is that when I "save and New", there is no message that has any box tpoping up to ask me if I want to print credit memo. The old version of Quickbook had that. When I bought the 2009 Pro, this feature was no longer there. that's why I am posting the question to see if anyone know what to do since the feature is no longer there.
I've been trying to figure this one out also. As far as I can tell, you'd have to make assumption that no official credit memo is created other then to keep the credit available for the next invoice. However, I saw a suggestion to just create the credit memo, print it, but don't save it. I don't think you can create a pdf copy without saving it. You may have to resort to scanning the printed copy to a pdf file if you desire a softcopy.
I haven't tried the email pdf bit similar to statements...i.e. to save a statement you have to save attachment via email.
thank you . I know there has to be someone out there who has the same problem I have with this. Yes, what you described is what I had been doing : creating the credit memo to send to the client and then delete the credit memo .
It does not make sense that QB which is an accounting software does not have the capability to create the credit memo based on the overpayment. How else will the customer know that they overpaid? The official document in billings are invoice and credit memo, not letter.
I wonder why they got rid of that feature in my previous version.
There are two ways to correctly record this type of transaction.
1) Apply the payment to the invoice so that the Invoice shows as being overpaid.
Send you client a statement so they can see the over payment.
2) And I don't really like this solution
Before recording the payment, issue an Invoice for the overpayment and charge it to a new G/L account as a "Current Liability" named Customers Overpayment's.
Now you can process the payment against the original Invoice and the overpayment Invoice.
Then Issue a Credit Note also charging it to your new account named Customer Overpayment's.
Thanks. Customer requested a credit memo when they see the statement anyway. So solution #2 will give me a record of the credit memo.
#2 method I originally did myself...and didn't like either but it works...However, I now had an additional invoice to explain when creating a statement that shows history.
I don't consider this case solved. Why would we be unable to print a credit memo that is created when a customer overpays? After receiving an overpayment, you can look in the receive payments window, see the available credits, click discounts nad credits, and then even see the credit number. The credit number, however, is out of sequence from our manually generated credits and can not be pulled up or printed in order to send to the customer so that they have a recond of it to apply from their end. I don't think the below suggestion for booking it to a current laibility is a clean solution - to me this is a bug. I haven't upgraded to 12 yet - does anyone know if it works differently there?
Why would we be unable to print a credit memo that is created when a customer overpays?
You can't print a credit memo when a customer overpays because it is not a "Credit Memo" it is only an unapplied credit on the Customers Account, neither can you print a "Short Payment".
There is nothing wrong with the program in this respect.
If the Customer doesn't like the fact that you can't print an over payment.
Just tell them not to overpay their bills!
@jbhurst, I don't think 2012 is any different. If it is I haven't found where! My problem is a little different. I just bought a mailing business last month and yesterdya received a payment from a customer that included amounts for two invoices from us and one invoice that was outstanding for the previous owner. So obviously I don't have that invoice in my QB so that amount remained unapplied; I wrote a check to the old owner for his amount, no biggie in my world, but how do I make it all work cleanly in QB world? I found a thread yesterday that told me to write a check to my A/R then receive that payment to clear up the credit on the customers account (since it's not really credit). Problem is now the A/R check is showing in Undeposited Funds and needs to go somewhere.
My partner is thinking maybe we just enter the amount that covers our invoices in the Payment screen and mark Group w/ Undeposited Funds, then write the check to A/R, recieve that, deposit both into the bank account and write the check to the seller. ???
