I made a payment to a company who then said they had split in two and I needed to pay the other half so they sent the payment back to me. So I have a payment out and a payment in to our bank for the same amount, but no invoice involved. How do I tag these please?
A client made an overpayment to us and so I have issued a payment back to them but I have nothing to tag it against. I tried raising a credit but then the overall charge to this client is reduced and it shouldn’t be, I’m just returning an overpayment that they made. How do I deal with this please?
Thanks
I made a payment to a company who then said they had split in two and I needed to pay the other half so they sent the payment back to me. So I have a payment out and a payment in to our bank for the same amount, but no invoice involved. How do I tag these please?
but no invoice involved
What was the original payment for?
A client made an overpayment to us and so I have issued a payment back to them but I have nothing to tag it against. I tried raising a credit but then the overall charge to this client is reduced and it shouldn’t be, I’m just returning an overpayment that they made. How do I deal with this please?
You would tag the payment to the clients account
Payment from a customer
Pay down multiple invoices or assign to a client account
Enter client ref
Tick Payment on account (Assign later)
This will then show as a prepayment on their account.
You can then
Click on prepayments on their account
View the details of the payment
Refund Balance
(If you already have a bank transaction from a feed etc remember to delete it so you do not double up in the bank)
There is an invoice but it was for the other half of the company (we weren’t aware they had split so thought it was still one company). I will have to issue a new payment for the invoice amount to the right company, and will tag the invoice. But the remaining errant payment out and then back in again (for £156) don’t have anything to tag to. Unless I can tag them somehow to each other because they cancel each other out?
If I allocate the monies to the client account as prepayments, then refund the balance, does quickfile issue a payment to the client or do I need to do that manually, and if so, it would appear in the bank feed so how does that correspond to the refund? Or are you saying that I do as above and then delete the payment shown in the Quickfile bank feed? How would we know about the refund if there is no logging of it in the system? Or am I just totally confused now?!
Ah! I thought I would just try it anyway, and I see what happens now.
I did a refund balance and a tagged entry appears in our bank feed. So now if I delete the entry where I issued the actual refund, quickfile will have it accounted for.
There is an invoice but it was for the other half of the company (we weren’t aware they had split so thought it was still one company). I will have to issue a new payment for the invoice amount to the right company, and will tag the invoice. But the remaining errant payment out and then back in again (for £156) don’t have anything to tag to. Unless I can tag them somehow to each other because they cancel each other out?
Go to the original invoice > More Options > Credit Note
Edit the credit note for 50% of the invoice
Save and refund it
(If you already have a bank entry from your feed delete it as to not double up)
I did a refund balance and a tagged entry appears in our bank feed. So now if I delete the entry where I issued the actual refund, quickfile will have it accounted for.
This is correct, isn’t it?
I have now dealt with the overpayments from clients and hopefully got them sorted, many thanks indeed.
However, in point 1, I don’t think I have explained the issue correctly, because the answer doesn’t really fit, I don’t think. I’ll try again:
We had some work done by Company A who issued an invoice.
We paid this invoice but to the wrong company, Company B.
So Company B have sent the money back to us.
I have now issued the invoice amount to Company A, and will allocate the payment to the original invoice.
However, I also have bank feed entries of a payment out to Company B and back in again from Company B. These can’t be allocated to the original invoice which has now been paid to Company A and tagged accordingly.
How do I tag the payment out and the payment back to us to/from Company B?
If it’s just straight money that went out and then came back in again then the simplest way to tag it is just as a bank transfer to and then back from a suitable dummy bank account (e.g. director’s loan). Or simply tag both entries as “something not on the list” and use a nominal like suspense (9998) or mispostings (9999) for both directions. It doesn’t really matter, you just need somewhere where you can move the money from A to B and then B back to A to leave no net movement overall.
