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TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 15045
Experience:  15 years of experience in financial advising with emphasis on tax issues.
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I have a question about a customer overpayment, I am a

Customer Question

I have a question about a customer overpayment
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am a roofing contractor and i invoiced a job for $10974. The customer paid $12,025. Can I just write her a check for the difference?
JA: Is there anything else the Accountant should be aware of?
Customer: I dont believe so
Submitted: 4 months ago.
Category: Finance
Expert:  TaxRobin replied 4 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  TaxRobin replied 4 months ago.

You can return the overpayment. If you use cash as your accounting method then you only need to report the amount you actually invoiced for and keep. If you do not use cash method then show the amount she paid and the refund so your reporting is correct.

Please let me know if you need clarification. If you do not then a positive 5 star rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

Customer: replied 4 months ago.
I do use the cash method and quickbooks. Any idea what I would put the return payment under in quickbooks?
Expert:  TaxRobin replied 4 months ago.

I am not a Quickbooks expert, I was giving advice as it relates to tax reporting. I did find this

http://www.ehtc.com/resources/news-articles/bid/78654/QuickBooks-Customer-Refunds-Are-You-Doing-Them-Correctly

I sincerely ***** ***** assists.