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Overpayment | Business English the act of paying more than is necessary or more than the value of something, or the amount by which someone has paid too much: Any overpayment will be treated as a payment of tax in advance.

Overpayment letter to employee template for immediate use You are receiving this letter because an overpayment has been issued to you in the amount of $X. XX due to: (State Reason Here). Please sign, date, and return the form below within X days. I have been notified of an overpayment in the net amount of $X.

I acknowledge on [date] I received an over payment in the amount of $____________. I understand that [Company Name] will need to be reimbursed. I have selected the checked option below to repay the company. ? ____ Deduct the overpayment from my salary from next pay period.

Most overpayment issues occur when a patient or their insurance provider pays the healthcare providers a sum of money that is more than what they are owed per their reimbursement rate.

An overpayment may include any amount that is: Erroneously assessed and collected. A refundable credit that exceeds the tax liability against which the credit is allowed. ... Tax withheld at the source that either:

Employees who defy their obligation to repay overpayments can be discharged, absent special circumstances. And if an employee is exhibiting dishonesty by refusing to repay money obtained in a windfall, then even the EDD may think twice, and deny unemployment benefits.

Example: Employee A was paid $500 on their check for the 1/31 pay period. Employee A should have been paid $400. This results in a gross overpayment of $100.

The most common way is to create a journal entry to record the amount of the overpayment and the corresponding invoice number. Another method is to credit the supplier's account with the overpayment amount, and then debited the account for the corresponding invoice.