Hi, I am using VT Transaction+ for a sole trader. One of his customers has paid an invoice twice amounting to an overpayment of £350. The customer had told my client to just deduct it from a future invoice. My question is how do I record this overpayment in VT Transaction. The payment has been made to my client's business account. I usually match up payments to jobs done but obviously cannot do this as the job has already been matched up to the first payment. Hope this makes sense!
Hi Carol, the overpayment will be sat in the supplier account and will correct itself when the next transactions take place.
eg. overpayment 350 Next invoice 700 new payment 350 and you can match off all 3 transactions together. If new invoice was for 350 say and no money collected just match off the two transactions.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi Carol
I can see that you have been back on since John posted so quickly in response to your query.
So hows about an intro. We always ask newbies! Usual stuff - what prof body you belong to, do you work for yourself or in a practice/ firm, are you a bookkeeper or accountant, what qualifications, how long in role, where up to in your studies-what exams passed, in midst of doing, where based, what you did before this role? That so of thing.
The overpayment is treated as a payment on account btw.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
