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Manage over-paid or underpaid invoices
Manage over-paid or underpaid invoices

What happens if you under or over-pay an invoice (ie you paid the wrong or incorrect amount)?

Updated this week

How should I manage an underpaid invoice?

  1. If you have partially paid an invoice you can still use the matching function. Match the bank transaction to the corresponding invoice, as per normal. Your bank transaction will move to the completed screen but the invoice will remain in the Needs Action screen until it has been completely paid and matched.

  2. The invoice will remain in the Needs Action screen displaying a Partially Paid token and the remaining amount due until it is completely paid and matched.

  3. When you pay the remaining amount, Match it to the invoice to bring the balance owing to $0.00.

  4. The transaction and invoice will be moved to the Completed page.

In the example below, lets say, the original invoice was for $2000 but you only paid $1800 hence the invoice is underpaid by $200. The remaining amount due is displayed.

How should I manage an overpaid invoice?

​If you try to match an invoice with a lesser value than the transaction, then the Match button will remain greyed out and will not allow you to select Match. The Matching assist button (?) will highlight if there is an error and provide hints as to why you may not be able to match.

  1. Go to the Needs Action Page

  2. Create a + Record Money out manual invoice for the value of the overpayment Find

  3. Code the overpayment (see below) and Save.

  4. Go back to the Matching page and Match the bank transaction with the two invoices.

Alternative option: in the invoice, add a new line for the value of the overpayment and code it as an overpayment. Change the total value in the header on the top right-hand side so it corresponds with the bank transaction. This is not the recommended approach.

What should I code the overpayment to?

We recommend you allocate the overpayment to a contra code, as the overpayment could inflate the total amount spent against the farm expenditure code. When you receive the next invoice from your supplier there should be a credit balance brought forward. Code the credit amount back to the contra code you used earlier so that it has a $0.00 balance

You will need to create the contra code (ie a new farm code): Find out more

  1. Go to Settings > Codes > Farm codes

  2. In the section called OTHER create a New Extended code. We recommend you create it under Deferred Expenses and name it Overpayment

  3. Make sure the GST type is Exempt.

  4. Set the KPI reporting group as Non Farm Expenses (or similar so that it doesn't affect the EFS report)

More Information

Learn how to match an invoice Find out more.

Learn how to create a new code Find out more.

Learn how to create a manual invoice Find out more.

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