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Proper way to write off underpaid amount. We have underpaid…

Proper way to write off...
Proper way to write off underpaid amount.
We have underpaid a couple of hundred dollars on an invoice to a vendor. Due to outside circumstances we can't pay the balance now and the vendor is ok with it. But it leaves this invoice outstanding in our QB file. What is the best way to write off this amount in QB, and close the invoice?
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Answered in 14 minutes by:
1/11/2018
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
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Hello, my name is ***** ***** I can help you. You have to create a credit (same methodology for creating an invoice, but select credit on the upper left of the screen). Once the credit is created, then you have to "pay" it in the same way you would process payment for an invoice in a/p. This will clear the invoice from a/p. Please let me know if this addresses your question, or if you need additional info. Thanks!

Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
Verified
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Customer reply replied 5 months ago
Thank you. What do we do in an opposite situation?: invoice to the other vendor has been overpaid by a hundred or so by mistake and we are not going to bother with refund. We just want to write it off.

You would enter a bill that will offset the credit.

1) From the Vendors menu, choose enter bills

2) Select the vendor in the vendor field.

3) Under the items tab, select minor charge-off in the item field.

4) Click save and close.

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Fred Rook
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
129 Satisfied Customers
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.

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