By Jayne Waugh
If you overpay a Supplier or your Customer accidentally pays you too much then you should record this in Xero when you reconcile your bank account.
To record and reconcile the transaction, follow the simple steps below:-
Customer Overpayment
- In the reconcile tab of your bank account, select the transaction you want to reconcile and add details
- Next to received as, select overpayment. This will show on the customers account as an overpayment. This can be off-set against future invoices or can be paid back to the customer.
RELATED: Get a FREE Xero Health Check here
Supplier Overpayment
Next to spent as, select overpayment.This will show on the suppliers account as an overpayment. This can be off-set against future invoices or can be paid back to you.
If you require any further assistance please don’t hesitate to contact a member of the team, we will be more than happy to assist you!
Jayne Waugh’s role is Head of Cloud Services here at Northern Accountants. She ensures that her team deliver their client’s compliance obligations in a timely and accurate manner. Also, a big part of her role is to ensure a smooth set-up and management of Cloud Accounting for clients – including Xero training and software support.