Record overpayment
I received an insurance bill, entered it as an invoice, and paid it. Now I have received a partial refund as the premium wasn't as high as originally thought. How do I record this overpayment?
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2 Replies
bookie451
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02/09/11 12:23pm PST
My suggestion would be to enter it as an individual deposit in your checking account and use the account name on the expense tab of the original bill as in the "From Account" field on the deposit. This will credit it back to the expense it was originally applied to.
bookie451
Questions asked: 3
Questions answered: 1009
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Questions answered: 1009
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Certified ProAdvisor
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02/09/11 12:28pm PST
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Go to the m"Make Deposit" window. You want to make a lone deposit to your checking account so you can track it. In the from account enter the vendor name. In the From Account field, enter the account that you used on the original bill (insurance?) and the dollar amount. This will credit back the amount you overpaid to insurance on the books.
