Overpayment Liability Account
The overpayment liability account is very important; if you do not define it here, then you are setting yourself up to have exceptions when it comes time to close your batches. As you may already know, netFORUM will allow you to overpay an invoice. If this happens, netFORUM must create a credit on the customer's account. The overpayment liability account on your business unit is the account that is credited. If you do not define it on the business unit, the credit will be created with a missing G/L account; you will not be able to close the batch that it is in until the overpayment liability account has been entered.
Example: An item is sold for $450. - Debit A/R $450, Credit Revenue $450 Receive and apply a check payment $540- Debit Cash $540, Credit A/R $450, Credit Overpayment Liability $90
Please note that credit card payments may not be used to create an overpayment.