I’ve read the forum but just checking what is best way to deal with this.
A customer for this quarter has underpaid by $1.
And I noticed one customer has overpaid 2 cents because they rounded the invoice up so I now have -.02c showing under assets-accounts receivable on summary page even though it is set on cash not accrual.
I understand for the $1, I can credit Accounts Receivable - Customer- inv number for $1 and debit Bad Debts expense $1 (or is credit note better where I debit a Customer Credits expense & does it credit accounts receivable - customer?)
For 2 cents overpaid (yes 2c is hardly worth fussing with) I tried to edit & ‘round up’ the invoice as a quick fix but that rounded to the nearest dollar not nearest 10c. I can’t edit the invoice amount as it is “15.25 sqm @ $25/sqm”. Well actually I’m thinking I could edit the invoice putting details in the description & then qty & unit cost blank with invoice total GST inclusive amount matching the amount paid. Any other ideas welcome.