Tek Siong, Hock
How to Handle Overpayment with Journal Entry
There are many occasions that you may received overpayment or underpayment of your invoices, which is so tiny like a few cents, that most of the time, you will not refund to your customer or ask your customer to top up.
Example below, there is an overpayment of 4 cents for customer, which is so tiny that doesn't make sense to create a credit note. One option is to credit it to the "Write Off" account, so that the amount "0.04" will not be appearing in the "Partner Aging" report.
To do that,
DR RM0.04 to the Trade Debtor account, Partner=XXXX
CR RM0.04 to the YYY (Write off) Account.
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