Click OK to save the overpayment, or Cancel to clear details and return to the invoice. Prepayments should not be processed in the same way as Overpayments. Read more about overpayments at What are Overpayments in Xero.

• If you enter a larger amount into the payment box than is currently owed, Xero will prompt you to add an overpayment.
• These are (logically) collections of Prepayment, Overpayment and CreditNote objects respectively.
• From the ‘Spent as’ or ‘Received as’ drop-down, select Overpayment.
• An easy way to record an overpayment is simply to record the amount paid on the invoice or bill.
• You can also provide the start cell, for instance, A11.

And provide the name of the template in Template Name field, for instance, Template 1. To execute the process, click on the Execute button. The report will be populated in the Google Sheet.

How to modify your upload template?

There are required and optional attributes for Overpayments report. Make a payment in the usual way. The only difference is that you’ll enter the actual amount paid in the Amount Paid box, which will be more than the total on the invoice or bill (or the total remaining to be paid).2. Click the Add Payment button. This will bring up the Overpayment pop-up window. Describe the bug
Using the getInvoice (or presumably getInvoices) function to get an invoice returns an Invoice object with children Prepayments, Overpayments and CreditNotes.

You can add an overpayment outside of bank reconciliation or paying an invoice, using the Manage Account button. Support for POST/PUT overpayments, prepayments and transfers will be available in an upcoming release. If you click Cancel, any details entered will be cleared and you will be returned to the list of transactions for this bank account. Enter the relevant details into these fields. If you’re adding the overpayment as part of a payment on an invoice, these details are already added. You can also provide the start cell, for instance, A11.

Enter overpayment details (adding from bank account)

Fill in the following fields to complete the transaction details. From there, use the drop-down labelled ‘Spent as’ or ‘Received as’ to select Overpayment. From the ‘Spent as’ or ‘Received as’ drop-down, select Overpayment. Check the box next to the invoice or bill you want to match the payment to in the usual way. All of your personal information, including email address, name, and IP address will be deleted from this site. Any feedback you have provided that others have supported will be attributed to “Anonymous”.

Please note that if you do not select an option, we will be required to delete your feedback profile and personal information . Refunds of Prepayments and Overpayments can be created via the Payments endpoint. Tracking category options will display if you have set them up for this organisation. If you want this transaction to be tracked, choose the required option(s) from the one or two tracking categories displayed.

Create

Enter a transaction for overpayments going into or out of a bank account. Overpayments differ from prepayments in that they do https://bookkeeping-reviews.com/prepayments-and-overpayments-in-xero/ not attract tax. Creating an overpayment is a way of ‘parking’ the money until your organisation or your customer is refunded.

• This means there’s no way to see what proportion of the Credit has been applied to the invoice you’re looking at.
• And provide the name of the template in Template Name field, for instance, Template 1.
• When this happens, Wise-Pay will automatically create a prepayment in Xero for this amount against the nominated bank account.
• Check the box Pay by Cheque if you want to pay your spend money by cheque from Xero, or create a cheque in the cheque register.
• Make a payment in the usual way.
• (That is, the amount the transaction exceeds what was correctly billed for or charged.) This can only be a positive amount.

All of your ideas without support will be deleted. This means there’s no way to see what proportion of the Credit has been applied to the invoice https://bookkeeping-reviews.com/ you’re looking at. Select the object, make the necessary changes to it and Update the template or Update and Execute the new query.

Wise-Pay pre-payments occur when we receive money from a client but do not have an invoice to match the payment. When this happens, Wise-Pay will automatically create a prepayment in Xero for this amount against the nominated bank account. The API now supports the retrieval and allocation of prepayments and overpayments using the new Prepayments and Overpayments endpoints. Once saved, the overpayment will be added as a transaction in the bank account the payment went into (or out of). It will also appear in Purchases (if it’s a Spend Money) or Sales (if it’s a Receive Money), ready for the refund or credit to be applied. The Invoices endpoint will also be improved in a future release to make it easier to identify when an over/prepayment is applied to an invoice.

The Wise-Pay Prepayment account should balance to $0.00. To ensure that a client’s payments are applied appropriately, we should be aiming for the Prepayment account to return to $0.00 as quickly as possible. Enter the amount of the overpayment. (That is, the amount the transaction exceeds what was correctly billed for or charged.) This can only be a positive amount.