Customer Overpayments

Hi, Sharif.

That's a good kind of problem to have. ;

So how can I split a transaction/payment?

Click on the Split button, or use Ctrl-S when entering the transaction.

Maybe I am doing this wrong. I opened up the invoice form for the payment. Clicked on receive payment, and put in the whole amount in the check... here is the scenario:

- Invoice balance is: $243.90

- Payment total is $244.00

Even though it is just 10 cents, I need to be able to record that. I don't want that extra 10 cents to be customer credit, I want to be marked as income - bonus income if anything and I can't seem to do that without that 10 cents being applied as credit. I want to solve this problem now because it could be a much bigger amount in the future.

Hi, Sharif.

What "invoice form"? Where do you "click on receive payment"? Nothing like that in my version of Quicken 2007 Basic.

Are you sure you are in the right newsgroup? You haven't told us which version of Quicken you are using, but maybe you should be asking this question in alt.comp.software.financial.quickbooks, rather than here in Quicken.

(And PLEASE do not email me directly again. That is not how newsgroups work.)

RC

If you want the credit to be income to you, then you have to invoice for it! (Is this what you didn't get from Fred's response?) Just in case you need more specifics...

I would suggest creating a new category called BonusInc. When you receive and apply the overpayment, you have two ways to deal with it:

1) Before you apply the payment, add a new line on the existing invoice for the BonusInc amount. The payment will then exactly offset the total, and you won't 'see' a credit.

2) Make a new invoice for the bonus income amount. (You may want to use a numbering scheme that clearly indicates what invoices are specifically for overpayments - eg: perhaps adding -OP to end of original invoice number??) You can do this before or after you apply the payment - if after, you'll 'see' a credit, and will have to manually apply it to the new invoice.

I think the former is quicker, but there are some advantages to the latter: easier to keep track of what was REALLY due from the customer, and to report back to customer if he has any questions on his account.

vcard (Using Q XG 2006)

: > -- : > Regards, : > Fred : : Maybe I am doing this wrong. I opened up the invoice form for the : payment. Clicked on receive payment, and put in the whole amount in : the check... here is the scenario: : : - Invoice balance is: $243.90 : - Payment total is $244.00 : : Even though it is just 10 cents, I need to be able to record that. I : don't want that extra 10 cents to be customer credit, I want to be : marked as income - bonus income if anything and I can't seem to do : that without that 10 cents being applied as credit. I want to solve : this problem now because it could be a much bigger amount in the : future. :

222 15803 body > If you want the credit to be income to you, then you have to invoice for it! 222 15803 body > If you want the credit to be income to you, then you have to invoice for it!

To answer R.C. White, I apologize about directly emailing you I didn't realize I did that I thought I replied to the group. Also I am using Quicken 2007 Home & Business.

Instead of creating a whole new invoice for the bonus, if I record a new payment in the account all my payments go to, and just put the bonus in there and categorize as a bonus inc, wouldn't that be better?

I'm afraid I don't follow. It sounds like you want to apply (using your previous numbers): $243.90 payment from customer's cheque to invoice (through A/R), leaving zero balance. $0.10 payment from customer directly to bank or undeposited funds a/c, with offset to bonus inc (using customer name, I presume?).

I suppose you could do that, but it is likely to become difficult to reconcile your entries with your bank deposit. And again, if customer calls you with questions ("what invoice did you apply my cheque for $244 to?"), that amount won't show up. But you're welcome to try it...

vcard