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accounting: waiving small amounts - HDeriauFF - 04-15-2020

Sometimes customers overpay or underpay by a small amount and we want to waive the difference.

Customer's question:

"Go to General Ledger
Journal Entry

What I want to do is transfer .05 cents between GL Account 1 (Sales
Discounts) and GL Account 1100 (AR) with specific reference to
customer X.

I can do everything except assign the .05 to X.

Is there some sort of link that needs to be activated/displayed on
Journal Entry screen between AR and would it be "debtor code -
debtorno"?

Thank you for your input!


RE: accounting: waiving small amounts - alanmi3833 - 04-15-2020

What I normally do, don't know if it is the correct way, but my auditors haven't complained yet.

I do a petty cash payment receipt (either positive or negative) on the customer which make the amount on the customer zero and then write it off in petty cash.

Regards


RE: accounting: waiving small amounts - TimSchofield - 04-20-2020

Apologies for only coming to this now.

What I normally recommend people do is to do a receipt/payment for zero, and then put in a discount for the amount I want to write off. That way you don't have anything hitting the bank accounts or petty cash.

Tim