Refunds and overpayments

[Wouter van Marle]

On 4 Mar 10, at 7:32, Mike Evans wrote:

> I guess overpayments are rare, however.

I have the same issue very much.
And believe me no they're not rare for me (either overpayments, 
downpayments and then I can't get the supply, or quality claims: all 
are part of the business for me).

In another thread titled "Returned Payment, Returned Deposit" from late 
Oct to early Nov 2009 you can find more about this issue. You should be 
able to find it in the archives.
The key is to create an asset account against which to post return 
invoices and your payments separately. That works for me.

Wouter.

>
> I have a customer who's just paid me, not only what they owe but an 
> advance on
> the next job however, it 's too much (?) so I will need to refund some 
> of the
> money and have it show up correctly in customer->Report.  I can do a 
> transfer
> from bank account to accounts_receivable which corrects bank and 
> receivable
> but this does not solve the customer report problem.  Invoices do not 
> accept
> negative amounts so cannot do it that way.
>
> I could just keep it I guess. :)
>
> It led me to thinking though, can I set up a customer who is also a 
> vendor. ?
>
> Mike
>
>
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