Received Overpaid from Customer at Different Date
I would like to ask regarding Overpaid from Customer.
In my cases, the Invoice dated 07/12/2017 and customer paid on 07/12/2017 by Online Banking.
On 14/02/2018, I got noticed was the same Customer had paid for same Tax Invoice by Cheque.
So, any suggested action how to:-
1. Record receive payment
2. Record refund payment
Gladly appreciate if can reply as soon as possible.
Thank you so much.
If your customer has paid for the tax invoice twice then all you need to do is to refund to them. The accounting entries are as follow :
When you received the payment from your customer :
Dr. Bank / Cash Book – Tax code either OP or leave blank
Cr. Customer – Tax code is OP
Then when you refund the amount back to your customer :
Dr. Customer – Tax code is OP
Cr. Bank / Cash Book – Tax code is either OP or leave blank