Customer Invoice Overpaid and Refund
When customer overpay their invoice, due to the mistake or anything, we could either use it to pay for another invoice or refund.
There are 2 options to do it in the Odoo.
Option 1: Register Overpayment and Use "Send Money" (Vendor Payment) to refund
a) Register the payment in the invoice and post the excess difference of $75 to the Account Receivable.
b) To refund, go to Customer Payment and enter the refund amount of $75. Choose "Send Money" and enter payment amount.
c) Once done, do the manual payment matching and reconcile.
Option 2: Journal Entry and Vendor Payment to refund
a) The overpayment will be created in the journal entry and posted.
CR 300 (Overpaid) to Trade Payable Account
CR 1200 (Invoice Payment Amount) to Trade Receivable Account
DR 1500 (Received Payment) to Bank Account
b) To refund, create a vendor payment with payment amount of RM300. Once confirmed, do the manual payment matching.
c) Reconcile the payment.
d) The CR 1200 (Account Receivable) in the step a) will appear in the invoice. Click Add to pay this invoice.