I am new to power church and I am trying to enter the checks that have already been entered into quicken. The problem is this: There are credits on the credit card statement and the check was also written to the credit card vendor for too much money. Here is what is looks like in quicken.
Lowe's - 150.00
Office Exp 50.00
Building fund 400.00
Credit Office -350.00
Credit Bldg Fund -75.00
Instead of the check being written for 175.00 it is written for 600.00. I am not sure how to enter this in power church. Can anyone give me any suggestions?
Wrong check amount to vendor with credit amounts
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Justine Loker
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Matt
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I would recommend that you post the $425.00 overpayment to Refunds Receivable. Post the entry as follows:
Debit Refunds Receivable 425.00
Debit Lowes 150.00
Debit Office Expense 50.00
Debit Building Fund 400.00
Credit Cash 600.00
Credit Office 350.00
Credit Building Fund 75.00
The credit card company should either refund the $425.00 or apply it to future charges. Once either is done, credit refunds receivable and debit either cash or an expense account.
Debit Refunds Receivable 425.00
Debit Lowes 150.00
Debit Office Expense 50.00
Debit Building Fund 400.00
Credit Cash 600.00
Credit Office 350.00
Credit Building Fund 75.00
The credit card company should either refund the $425.00 or apply it to future charges. Once either is done, credit refunds receivable and debit either cash or an expense account.