Overpayment
Overpayment from customers means that the customers pay you more than what they required to pay. An example to record down the transaction step by step in Treezsoft Accounting are shown as below.
1. Invoice's oustanding amount RM 351.00
- Debit: Bank
- Credit: Pets Hotel Sdn. Bhd. (Account Receivable)
2. Receive Payment from customers (Pets Hotel Sdn. Bhd.) RM 360.00
- Debit: Bank
- Credit: Pets Hotel Sdn. Bhd. (Account Receivable)
3. Overpayment of RM 9.00 from customer (Pets Hotel Sdn. Bhd.). Create a refund to record down the transaction.
- Debit: Pets Hotel Sdn. Bhd. (Account Receivable)
- Credit: Bank
Go to Customer > Refund and Credit > Refunds
Click on "New Refund"
Key in the details needed:
a. Select the respectively customers
b. Tick on the box of specific payment to apply for refund
c. Select the account for the payment of refund
d. Key in the amount included
e. Select the payment method
f. Key in the amount included
g. Once done, click on "save" to save the record
Underpayment
Underpayment from customers means that the customers are paying less than the required amount to you. An example to record down the transaction step by step in Treezsoft Accounting are shown as below.
1. Invoice's oustanding amount RM 351.00
- Debit: Bank
- Credit: Pets Hotel Sdn. Bhd. (Account Receivable)
2. Receive Payment from customers (Pets Hotel Sdn. Bhd.) RM 300.00
- Debit: Bank
- Credit: Pets Hotel Sdn. Bhd. (Account Receivable)
3. Underpayment of RM 51.00 from customer (Pets Hotel Sdn. Bhd.). Record down the transaction in receive payment once receive the outstanding amount from the customer.
- Debit: Bank
- Credit: Pets Hotel Sdn. Bhd. (Account Receivable)
a. Select the respectively customers
b. Tick on the box of specific outstanding invoice to apply payment received
c. Select the bank account to received the payment
d. Key in the amount included
e. Select the payment method
f. Key in the amount included
g. Once done, click on "save" to save the record
You can read more on related topics in TreezSoft by visiting these links:
TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
Visit TreezSoft at https://www.treezsoft.com/ to sign up for a 30 days trial account with us!
You can also email us at [email protected] for more enquiries.