Adam talks you through how to handle small under and overpayments in Xero
To help you along, here is the transcript from the video, else press play:
0:00 Adam from Lyfe Accountants, and this is just a video on how today was small under an overpayment since zero. So if you go to the bank feed on the demo company here, and we’ve got a payment for that hair from, Swanston Security, 59 pounds, 55 feet, they’ve paid.
0:21 Forget to try and match that. And we just search for Swanston. We’ll see here the transaction that has gone through for an invoice, 59 pounds, 54 feet.
0:32 So they, They’ve overpaid by Penny. If we go to match that as normal, it won’t automatically give the open to match because we’ve got a difference by Penny.
0:39 But if we go to adjustments and minor adjustment, we can have that one Penny minor adjustment here. Get reconciled, and that transaction is dealt with.
0:47 It’s cleared for, from the payments, and it’s cleared from your debts and creditors. Hope that helps.