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mikea1
July 29, 2022
Question

invoice and payments

  • July 29, 2022
  • 1 reply
  • 0 views

Hi All,

I have an question related to Invoicing and payment

Currently we are consolidating our fees with other vendor fees for one of our clients.

We issue one invoice to the client and the client issues payment on this invoice.

we also input a separate invoice for our fee to so we can keep track of just our service fees

 

e.g. INV 01 has $100 for vendor B consolidated with $100 of our fees

INV 02 has just the $100 for our fees

 

when the client pays the $200 we then distribute the $100 to vendor B and record the $100 as revenue against INV02

 

The question i have is; since the payment for INV01 is to a separate holding/trust account "A", we pay ourselves from this account.  How should i be recording the fulfillment of INV02 and the transfer of funds from account "A" to our general bank account "B"?

 

any advice would be appreciated

thanks

Mike

1 reply

A
Alex M
July 29, 2022

Hi there mikea1,

 

It's vital that all your transactions be entered correctly so that your books can be balanced. QuickBooks Desktop is a great tool able to help you keep track of your transactions to see the profit of your company. I can point you in the right direction for assistance with how this should be entered.

 

In order to know how this money movement should be recorded in your books, I recommend speaking to your accountant. they'll be able to specify which accounts should be affected and in what transaction type so that all accounts have the correct balance. if you'd like to find an accountant that has experience using QuickBooks near you, you can do so by checking out our Find an Accountant page.

 

If you have any other questions, feel free to reach out here.

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