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Dynamics 365 Community / Forums / Microsoft Dynamics SL (Archived) / Received check for ove...
Microsoft Dynamics SL (Archived)

Received check for over payment check; how to properly record journal entry/clear invoices

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Posted on by Community Member

Hi,

I recently cut a check to a vendor for $5K but the actual invoice was much smaller.  The vendor applied the check to three separate invoices which were outstanding and then issued a refund since we had no other invoices outstanding.  How should I go about recording this? And how do I get rid of the invoices that were paid off with this check? Thanks!  

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  • John_Joyce Profile Picture
    John_Joyce 1,042 on at

    Questions:

    Was it a hand-written check, and now you are entering the Manual Check data?

    If not a hand-written check, was this check entered/printed as a Prepayment?  

    If not, I'm curious how you were able to over-pay the vendor, as checks being printed out of SL need to be applied to outstanding vouchers.

    John

  • Community Member Profile Picture
    Community Member on at

    I accidentally entered the original invoice I was paying as the 5K number :/

  • Suggested answer
    Community Member Profile Picture
    Community Member on at

    If this is not a 1099 vendor then I would create a GL journal entry where you credit the expense account you used on the original voucher and debit cash in bank (assuming you deposited the refund check).  This will not reduce the vendor purchase and payment history for the year of the invoice and check but as long as this vendor is not a 1099 vendor it really does not matter.

  • Community Member Profile Picture
    Community Member on at

    thanks for the reassurances!

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