Entering accounts payable overpayments

1. Record the original cheque you wrote to the supplier, as in the example below. There won't be enough invoices to cover the entire amount of the cheque. Post the overpayment portion as an asset purchase (A+) to Prepaid Items and click Record.

2. Open a new Transaction Entry window and create a payable charge for the amount of the overpayment, as in the example below. Make sure your total is negative to indicate that it's a credit on this account. Post it as an asset sale (A-) to Prepaid Items. This will clear the account to put it back to $0.00. Click Record.

Last updated on February 6, 2013 by FCC Management Software