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I need to record an overpayment in QBO. How do I code this and do I account for the 20% VAT?
A client has received a payment from a client of which, when applied to outstanding invoices, there is an overpayment of about £6,000. How do I record this and do I have to account for the VAT element as well. We want to apply the overpayment to ongoing invoices that are due to go out soon. Hope this makes sense, thank you
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