How do I record an overpayment for a one-time rental of the sanctuary? I need to issue a check for the overpayment amount.
Thanks, Marie
AR Overpayment
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Re: AR Overpayment
There are a couple of ways. Assuming you took $510 instead of $500 in the overpayment like this:
DB 01-1110-000 checking $510.00
CR 01-4230-000 rent $510.00
I would simply take it out of the same income account, like this:
CR 01-1110-000 checking $10.00
DB 01-4230-000 rent $10.00
Or, you could make an expense out of it, like this:
CR 01-1110-000 checking $10.00
DB 01-5830-000 rent over payment expense $10.00
DB 01-1110-000 checking $510.00
CR 01-4230-000 rent $510.00
I would simply take it out of the same income account, like this:
CR 01-1110-000 checking $10.00
DB 01-4230-000 rent $10.00
Or, you could make an expense out of it, like this:
CR 01-1110-000 checking $10.00
DB 01-5830-000 rent over payment expense $10.00
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Re: AR Overpayment
Thank you!