Quickbooks Support

Writing Off Customer and Vendor Balances in QuickBooks

admin Comments(475)

As a result of an error you may have small balances, an over-payment, or an underpayment. Often it would cost more time and materials to collect or pay the amount due than it would be to clear it from your accounts.

We recommend two ways to remove the amounts. Make sure to consult your accounting professional before trying any of these options.

Option 1: Creating a General Journal Entry to write off the amount

Accounts Receivable

  1. First step requires creating the appropriate journal entry.
    • From the menu of Company, choose the option of Make General Journal Entries.
    • In the Make General Journal Entries window, change the date and fill in the entry number if necessary.

For a customer with an over-payment

  • Choose the Accountfield and select Accounts Receivable from the dropdown list.
  • Enter the amount under Debitcolumn, tab to the Name column and choose a Customer Name from the dropdown list.
  • In the next column, choose the offset account and enter the amount under Creditcolumn. The offset account is usually an Expense account.

https://www.quickbooksupport.net/

For customers with an underpayment

  1. Choose the Accountfield and select Accounts Receivable.
  2. Enter the amount under Creditcolumn, tab to the Name column and select a Customer Name from the dropdown list.
  3. In the next line, choose the offset account and enter the amount under Debit column.

https://www.quickbooksupport.net/

  • Choose Save & Close.
  1. Apply the General Journal Entry needs to be applied to the Existing Credit/Debit.
    1. From the Customersmenu, select Receive Payments.
    2. Enter the name of the customer in Received From
    3. Select the invoice and choose Discounts & Credits.
    4. Under Credits tab, choose the available credit and select Done.
    5. Choose Save & Close.

Accounts Payable

  1. Create the appropriate journal entry.
    1. From the menu of Company, choose Make General Journal Entries.
    2. In the Make General Journal Entrieswindow, change the date and fill in the entry number if necessary.

For vendor with over payment

  1. Choose the Accountfield and choose Accounts Payable from the dropdown list.
  2. The amount is to be added under the Credit column, tab to Name column and select the vendor name from the dropdown list.
  • In the next line, select
  1. Choose the offset account and enter the amount under Debit column.

https://www.quickbooksupport.net/

What to do for vendor with underpayment

  1. Choose the field of Accountand choose Accounts Payable from the dropdown list.
  2. Then, enter the amount under Debitcolumn, tab to Name column and choose the vendor name from the dropdown list.
  • In the next line, select the offset account and enter the amount under Creditcolumn.
  1. Choose Save & Close.
  1. Second step involves applying the journal entry to the existing debit/credit.
    • . From the menu of Vendors, select Pay Bills.
  1. Select the bill and choose Set Credits.
  2. Under the tab of Credits, choose the available credit and select Done.
  3. Choose Save & Close.

Option 2: Use Discounts to write off small amounts

  1. Create an account and item to use when writing off small amounts.
    1. Creating a Charge off Account.
      1. From the menu of Lists, choose Chart of Accounts.
      2. Choose the Accountbutton and choose New.
  • Income,and then Continue.
  1. Then enter Minor A/R and A/P Charge-Offin the Account Name field and choose Save & Close.
  1. Creating a Charge-off item.
    1. From the menu of Lists, choose Item Lists.
    2. Choose the Itembutton and choose New.
  • Then choose Other Chargeas Item Type and select Continue.
  1. Enter Minor Charge-Offin the Item Name/Number field.
  2. Kindly choose Non-Taxable Salesin the Tax Code field.
  3. You will be required to choose Minor A/R and A/P Charge-Offin the Account field.
  • Choose OKto save and create the item.
  1. Select the scenario that best describes the small amount that you want to clear.

Customer underpayment

  1. From the menu of Customers, select Receive Payments.
  2. Choose the name of the customer in ReceiveFrom field.
  3. Then select the invoice that you want to write off the amount.
  4. After this you will b required to select Discounts & Credits.
  5. Select the Discounttab:
    1. Enter the amount in Amount of Discountfield.
    2. Choose Minor A/R and A/P Charge-Offin the Discount Account field.
  • Choose Doneto close the Discount and Credits window.
  1. ChooseSave & Close to close the Receive Payments

Customer overpayment

  1. From the menu of Customers, choose Create Invoices.
  2. After this you are required to choose the customer name in the Customer Job
  3. Then choose Minor Charge-Offin the Item field and enter the amount of over payment.
  4. Choose Apply Credits.
  5. Choose the credit in the Available Creditssection (The amount of credit should match the amount of invoice).
  6. Choose Doneto close the Apply Credits
  7. After this you will be required choose Save & Close.

Vendor underpayment

  1. From the Vendorsmenu, choose Pay Bills.
  2. Then choose the bill that has the balance that you need to write off.
  3. Choose Set Discount.
  4. Choose the Discounttab
    1. Firstly, enter the amount in the Amount of Discountfield.
    2. Then choose Minor A/R and A/P Charge-Offin the Discount Account field.
  • Choose Done to close Discount & Credits window.

https://www.quickbooksupport.net/

  1. After this Choose Pay Selected Billsto close the Pay Bills
  2. Choose Done in Payment Summary

Vendor overpayment

  1. Enter a Bill that will offset the credit.
    1. Firstly, from the Vendors menu, choose Enter Bills.
    2. Then choose the vendor in the Vendor field.
  • Under the Items tab, choose Minor Charge-Off in the Item field.
  1. Choose Save & Close
  1. Apply the available credit to the bill that you created.
    1. From Vendorsmenu, choose Pay Bills.
    2. Choose the bill that you entered to offset the credit.
  • Choose Set Credits.
  1. After completing the above steps you are required to select the Creditstab and select the credit.
  2. Then choose Done to close Discount & Creditswindow.
  3. Kindly choose Pay Selected Billsto close the Pay Bills window.
  • At last Choose Done in Payment Summary window.

You may call our QuickBooks Customer Care Support USA executive on our toll-free number. There are other mediums also to contact us. You may contact us to visit our website portal @ www.quickbooksupport.net or even reach out to us by sending us an email at support@quickbookssupport.net.

admin

Related Articles
Quickbooks Support

Call QuickBooks Desktop Support and know how to enter due bills and payments in QuickBooks

admin

In this article you will learn how enter due bills and payments in QuickBooks.  To know more contact QuickBooks Desktop Support. Steps to enter your bill Click on the Plus (+) present at the top, and then choose Bill. Enter the needed information. Click on Save. Steps to pay bills :  Your bills can be […]

https://www.quickbooksupport.net/quickbooks-customer-support.html
Quickbooks Support

Call QuickBooks Support to know how to get rid of the QuickBooks Running Slow

admin

The QuickBooks has become a major accounting and finance application on the market, but users experience queries such as QuickBooks Running Slow for many reasons. The requirement for the QuickBooks framework serves most users and QuickBooks Running Slow problems will not persist if your machine is capable enough to meet the requirements. Performance may be […]
Quickbooks Support

Call QuickBooks Customer Support to Fix QuickBooks Error 6209

admin

QuickBooks software is equipped with cutting-edge technology that substantially requires new accounting and bookkeeping methods, and it is largely used by small and medium-sized enterprises. When you don’t have time to spend hours doing computations using the preceding ways, QuickBooks will do it for you in a matter of minutes. The QuickBooks program, on the […]

475 thoughts on “Writing Off Customer and Vendor Balances in QuickBooks”

  66. Munchkin kittens make wonderful family pets. They are easygoing and get along well with children and the other pets of the household. Above all, they are hardy and an ideal pet, especially for first-time feline owners. Selecting a new kitten is a daunting task. You want one that is healthy but also comes with a pleasant personality and is adaptable to your lifestyle.
    Home Land Munchkins, we stand behind our guarantee, our customers, and our kittens! We go to great efforts to ensure that our kittens are healthy and socialized with an excellent demeanor that is native to the breed of each kitten. Bringing home a new kitten is a wonderful experience involving the whole family, which is why we begin training early to ease the transition to their new home and family

    Reply

  68. ​Welcome to our Pitbull breeder home were we have been proudly breeding and showing quality AKC registered Pitbull puppy since 2004. Our main focus is to produce show quality pitbull puppies with amazing personalities suitable for ​their forever family. We treat every Puppy with individualized care based on their needs to give them the best opportunities in life. Click “Available Pitbull puppies” to check out our puppies and dogs looking for new homes.

    Reply

  99. We are dedicated to the breeding of the finest quality, sweet-tempered rough-coated pug puppies at the most reasonable prices. We take great pride in the feedback received from purchasers of our puppies that their puppies have grown up to be very social and friendly adult dogs. This provides us with the necessary incentive to continue breeding these wonderful, loving and loyal companions..

    Reply

  102. The truth about pit bulls is simple: They’re sweet, smart, hilarious, loyal companions. And we’re not the only ones who think so. Ken Foster’s beautiful book “I’m a Good Dog” continues to climb the charts, and National Pit Bull Day has been established in their honor.

    Reply

  241. Can Clofi raise testosterone for all for some? If you be affected effectively during the Clomid assess, a 3 month or so Clomid sequence may purloin fix up ordinary levels of testosterone. These raises could be permanent.

    Reply

  246. Which exercise is paramount in return erectile dysfunction. buying viagra online without prescription viagra without a doctor prescription usa exercises, or pelvic exercises, have proven to be capable in addressing erectile dysfunction, and it should be hand-me-down as the first-line of treatment. The ischiocavernosus and bulbocavernosus muscles in the pelvic ground hem in viagra prescription coupon the penis and are vigorous during an erection.

    Reply

  273. What is the safest viagra price cvs herb viagra green box side effects for the treatment of erectile dysfunction. The abridged defence: The best treatment for ED is the in unison that is best in the service of you. Sildenafil (buy viagra) and tadalafil (Cialis) are the most commonly prescribed medications in search ED, and are equally safely and effective.

    Reply

  279. How should I book viagra without prescription order viagra quest of best results. To treat erectile dysfunction-ED, liberate this cure past chops as directed by your doctor, mainly as needed. Arrogate viagra prescription at least 30 minutes, but no more than 4 hours, formerly sexual operation (1 hour on the eve of is the most functional). Do not take more than in the same breath daily.

    Reply

  282. How can I persuade hard tight without cheap cialis 5mg pills. Snack more fruits, vegetables, in one piece grains, and legumes. The nutrients in myriad fruits, vegetables, buy cialis with prescription healthy grains, and legumes support redeem blood squirt everywhere in your centre — including your penis. And blood run to the penis is a specific of the keys to nutritious, consonant erections.

    Reply

  284. Does generic cialis better erectile dysfunction. Flomax (tamsulosin hydrochloride) and Cialis (tadalafil) are in use accustomed to to analyse the symptoms of a prostate gland teach called tender prostatic hyperplasia (BPH, a noncancerous enlargement of the prostate gland) and buying cialis cheap is also in use accustomed to for treating weakness (erectile dysfunction, or ED).

    Reply
  400. Pingback: how to find someone from tinder on facebook

  466. I cannot manage to see lowering my grades in the last semester of my undergraduate program. I want to retain my CGPA. Dissertation writing is demanding a proper time and attention which I cannot manage with part-time jobs and all other academic assignments. I cannot manage the time effectively. It requires a lot of time and focus at the same time. I can pay an economical price for the quality services. I know many people on this forum can help me to reach the professional dissertation writers. One of the recommendation that I’ve got is the Dissertation Help Zone. If you have availed their online dissertation help, then please help me through your valuable feedback before I select them to write my dissertation.

    Reply

  467. ANT KING – единственное работающее средство на рынке для увеличения члена. Этот комплекс, который не вызывает никаких побочных эффектов, не вызывает аллергических реакций. Специальные ферменты, входящие в состав, благотворно влияют на ткани пениса, которые безвредно растягиваются, а с ними и камеры кавернозного тела полового члена, что и способствует реальному увеличению как и в длине так и в обхвате. Средство для повышения потенции Эроксим Экстра на рынке стимулирующих препаратов является практически новинкой. Благодаря компонентам, входящим в состав лекарства, мужской организм получает все необходимые элементы, необходимые для улучшения кровоснабжения кавернозных тел полового члена. http://www.athometulsa.com/community/profile/phyllisketchum1/ Приобретайте косметику выгодно! Все самые горячие акции и специальные предложения. Закажите себе духи с афродизиаком и проведите незабываемый романтический вечер с мужем или возлюбленным. Обращаем внимание, что не следует путать эти духи с лекарствами. Они не избавляют от заболеваний, вызывающих половые расстройства. Для восстановления сексуального здоровья нужно принимать препараты, назначенные врачом. А вот парфюм Секси Лайф подходит для сексуальных экспериментов, помогающих усилить половые «показатели»: Для того чтобы оформить заказ возбудитель Бийск необходимо оставить свои контактные данные на сайте. В течение 15 минут оператор свяжется с вами. Уточнит у вас все детали и мы отправим ваш заказ. Через 3-10 дней вы получите посылку и оплатите её при получении.

    Reply
  468. Pingback: dapoxetine fda approved
  469. Pingback: ventolin 500 mcg
  470. Pingback: hydroxychloroquine pills for sale
  474. Pingback: hydroxychloroquine generic costs

Leave a Reply

Your email address will not be published. Required fields are marked *