Hi,
I paid a credit card invoice twice, so the second payment was applied by the credit card company to my next invoice (which still leaves a small credit on the account).
Can you tell me how I record this in QF?
The first payment has gone against the first invoice, which is cleared. But now I’ve recorded the second invoice as a purchase, but how do I (a) record the second (over)payment, and then (b) apply that overpayment to the second (and then the remaining part to the third) invoice?
Thanks in advance for your help.
David
You can again tag it as payment to a supplier, if the amount doesn’t exactly match a single purchase then use “pay down multiple invoices” - despite the name this works equally well for partial payments and payments on account as well as one payment covering several purchases.
If you want to record the payment before you’ve received the next invoice then you can still use “pay down multiple invoices” but leave it unallocated - this will make it a “prepayment” on the dejected supplier, then when you do later create a purchase you can log payment -> apply from credit to use the prepayment towards the new purchase.
Having said all that, can I check exactly what you mean by a “credit card invoice”? Is this an invoice for the fees you’ve been charged to accept card payments, or are you talking about the statement for a credit card you’ve used to pay other suppliers? If the latter then paying the credit card bill isn’t really “payment to a supplier”. You should represent a credit card like this as a bank account rather than a supplier - when you pay other purchases by card those are payments out of the credit card account to the relevant supplier, and when you pay the card bill that is just a “transfer between accounts” to reduce the overdrawn balance of the credit card account. If, as in a case like this, you paid more than you’d borrowed, all that does is leave a positive balance on the card account until such time as everything has balanced out. If they’re charging you interest you just record that as money out of the credit card account and tag it to a suitable nominal with “something not on the list”.
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What you could have done was created a credit card bank account. Added a transfer from your bank account for the amounts you paid. And paid off the purchases with it. Which would leave the balance you have.
Thanks for your help, that works. Regards, David
Thanks for your help,David
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