Clearing a vendor overpayment

Posted by PT on September 22, 2009, 9:42 pm

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I'm the lowly treasurer for a local non-profit. I get all the
paperwork delivered to me monthly for posting.

Sequence of prior month transactions:

1. received an invoice from Vendor V for $200.
2. I recorded it as a payable
3. I cut a check for the balance due which cleared the payable. The
check has cleared through the month-end reconciliation

This month I learned that the person who ordered the item had already
paid for it with a $200 charge on his credit card, and will consider
it as a contribution =96 i.e. no refund to him.

Meanwhile this month, the vendor sent us a refund check for $200.

Now I'd like to unscramble and post this in such a way that the $200
refund check shows up in the =93Deposits=94 list, so I can show it in our
cash receipts.

Suggestions welcome

Posted by RR on October 2, 2009, 11:43 am

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> I'm the lowly treasurer for a local non-profit. =A0I get all the

> paperwork delivered to me monthly for posting.

> Sequence of prior month transactions:

> 1. =A0received an invoice from Vendor V for $200.

> 2. =A0I recorded it as a payable

> 3. =A0I cut a check for the balance due which cleared the payable. =A0The

> check has cleared through the month-end reconciliation

> This month I learned that the person who ordered the item had already

> paid for it with a $200 charge on his credit card, and will consider

> it as a contribution =96 i.e. no refund to him.

> Meanwhile this month, the vendor sent us a refund check for $200.

> Now I'd like to unscramble and post this in such a way that the $200

> refund check shows up in the =93Deposits=94 list, so I can show it in our

> cash receipts.

> Suggestions welcome

I would enter this first payment as the traditional bill / payment.
The second payment can be entered as a donation from your company. The
third incoming check can be entered as a donation to you or you can
invoice the vendor as a customer and deposit it as a payment to you.
You will have to enter the vendor as a new customer under customer
center. Hope that helps.