Partial payment against Accounts Payable

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Topic: Partial payment against Accounts Payable

Cathcart
Member

posted 07-01-2002 12:21 PM

I have an invoice for $8,000 posted to Accts Payable. We are paying today $5,000 of this invoice. How do I "release" the $5,000 in the A/P account?

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Pamela
Member

posted 07-03-2002 11:59 AM

A partial payment is the same as a full payment. You make the payment from your checking account and use the accounts payable account as the debit. The balance in the A/P account will be correct as $5000 of the $8000 will have been paid.

If you want to be able to clear the $5000 amount and leave the remaining $3000 outstanding, you will have to go back to the original A/P entry and enter it as 2 entries. Then, after the $5000 is paid, you can clear the $5000 A/P entry.

[This message has been edited by Pamela (edited 07-03-2002).]

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