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AR - net debit and credit

  • 27 February 2023
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Hi Team,

Regarding AR invoices and payments. How can I net out a debt adjustment with an overpayment? 

Here is the scenario: There was an overpayment to an invoice that resulted in a credit of $314.82 (ARP000016). Then we created a debit adj to recognize the overpayment $314.82(ADJ000002). How do we net the credit (ARP000016) and debit (ADJ000002)?

 

 

Thanks,

Enrique

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Best answer by Laura02 21 March 2023, 00:00

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Laura02
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Hello,

The Payment 000016 highlighted above can be applied to the Debit Memo in Receivables, Payments & Applications, as shown in this example from Sales Demo company.

 

Laura ~ Klear Systems, Inc. Irvine, CA. ~ Please remember to "Mark Best Answer" to help those who are facing the same problem.~
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Hi  @Laura02, thanks for the example. How do I net after the payment has been entered and the debit memo has been made?

 

Thanks 

Chris Hackett
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Hi @enriquey  were you able to find a solution? Thank you!

Chris ~ Let us know how we're doing: https://forms.office.com/r/xmJUdZ1QE5 - A member helped you, please *Like* their post. A member provided an answer to your question, please mark it as *Best Answer*.
Laura02
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Hello @enriquey ,

The steps to apply a payment to a Debit Memo in AR after the debit and payment have been released are the same: Select the payment to the screen in Payments & Applications. Then select the Debit memo in the Grid area. Remove Hold, and Release.

Laura ~ Klear Systems, Inc. Irvine, CA. ~ Please remember to "Mark Best Answer" to help those who are facing the same problem.~

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