Quickbooks Support

Writing Off Customer and Vendor Balances in QuickBooks

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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.

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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.

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  • 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.

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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.

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  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.

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