Sole Trader - Accounting for when a customer pays you money by mistake?


I have received a payment from a customer who forgot to cancel their Standing Order. How do account for this payment and subsequent credit back to the customer?


payment on account then refunded

How do I do this in QuickFile?

@Smallous is the payment sitting on the bank untagged? Have you since refunded this?

Currently the payment is sitting in the Bank untagged. I have not refunded the payment.

In each case for the money coming in and then going back out again tag them both to Mispostings Account. You can do that by selecting the option ‘Something else not on the list’.

Select Mispostings Account from the list here and enter a brief description.

That’s all there is to it.

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