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7winsaustin
Aug 24, 2022 2:24 AM UTC
Question

Booking journal entry

Hello all-

I have a member who paid an 8K invoice for the company but will take the credit quarterly against their homeowners dues. How do i enter the journal entry to reflect R&M expense of 8K and give him a credit he can use against his QTR member's dues. Thank you!

1 reply

Rainflurry
Rainflurry
Aug 24, 2022 3:13 AM UTC

@7winsaustin 

 

Create a journal entry: debit R&M Expense, credit Accounts Receivable.  Make sure to put the member's name under 'Name' on the A/R line.  Now, you will have an $8K credit to be applied to future invoices.

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