How do I refund an overpayment in QuickBooks online?

Refund to Customer on Overpayment

  1. Open your QBO account, then select Check from the New (+) icon.
  2. Pick the customer’s name under the Payee section.
  3. Under Category select Accounts Receivable, then enter the overpaid amount.
  4. Save the check.

How do I resolve overpayments in QuickBooks online?

Intuit Online Payroll Enhanced

  1. Go to Taxes & Forms.
  2. In the Taxes section, select Pay Taxes to check the overpayment. Overpayments appear as negative amounts.
  3. Select Resolve Overpayment next to the negative amount. It will show you the breakdown of the taxes.
  4. If applicable, you can select:
  5. Select Save.

How do I record a refund for overpayment to vendor in QuickBooks online?

Here’s how:

  1. Click Banking.
  2. Choose Make Deposits.
  3. Select the specific Deposit To bank account where the funds were initially posted.
  4. Type in the name of the vendor in the Received From column.
  5. Choose Accounts Payable as the account affected.
  6. Enter the payment method and the amount of the refund.
  7. Click Save and Close.

How do I undo a small overpayment in QuickBooks online?

  1. From the Customers menu, choose Create Invoices.
  2. Select the customer name in the Customer:Job field.
  3. Select Minor Charge-Off in the Item field and enter the amount of overpayment.
  4. Select Apply Credits.
  5. Select the credit in the Available Credits section (The amount of credit should match the amount of invoice).

How do I write off an overpayment in QuickBooks?

From the Customers menu, choose Create Invoices. Click the customer name in the Customer: Job field. Select Minor Charge-Off in the Item field and enter the amount of overpayment. Hit Apply Credits.

What do you do if a customer has overpaid an invoice?

Use a credit balance adjustment to apply the overpayment as a payment to subsequent invoices. Use a negative invoice charge to apply the overpayment as a credit to a future invoice.

How do I Zero an overpayment in QuickBooks?

How do I remove an over payment of $0.01?

  1. Go to the Plus icon.
  2. Select Refund Receipt under Customers.
  3. Fill in the necessary information in the Refund Receipt page.
  4. Click Save and close.

How do I correct an overpayment to an employee in QuickBooks?

Add the new deduction payroll item to a paycheck for the overpaid employee, then enter the amount of the overpayment. The deduction item must be added to a paycheck with equal or more earnings than the amount that will be deducted, as QuickBooks can’t create a paycheck with a negative net pay.

How do I process overpayments in Quickbooks?

Option 1: Apply the credit to an invoice

  1. Select + New.
  2. Select Receive payment.
  3. Select the customer, then the credit and the invoice.
  4. Select another pending invoice and enter the overpayment amount in its Payment column.
  5. Select Save and new or Save and close.

How do I categorize a refund in Quickbooks online?

How to Categorize a Vendor Refund from Bank Transactions

  1. Go to the Banking menu, then select the appropriate bank account.
  2. Select the Categorized tab and find the added vendor refund. Then, click Undo under the Action column.
  3. Go back to the For review tab, then select the vendor refund and click Exclude.

How do you write off overpayments?

Over payment of invoice:

  1. Create an invoice for the amount that was overpaid and apply to the invoice to remove it from the Aging report.
  2. Create a manual GL Journal Entry using the BP with the AR Account.
  3. Create a Payment Attribute for over payments and apply during the payment transaction.

How do you treat overpayments?