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October 28, 2021
Question

How to I enter a revenue payment that has expenses deducted from it ?

  • October 28, 2021
  • 1 reply
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1 reply

October 28, 2021

Hi barbaralongdo2-g,

 

It's vital that you're recording revenue payments accurately to keep your records balanced and up to date.  QuickBooks online has the option for you to make adjustments as necessary.  I'd be happy to provide more detail!

 

You can make an adjustment for items such as discounts, credits, penalties or interest by following these steps:

 

1. From the left menu select Taxes and then Sales Tax

2. Find the tax period you need to adjust and select Prepare return

3. Click Adjust for the entry to be adjusted

4. Select the Adjustment date and the Tax rate

5. Choose the Adjustment Account - expense account to increase the tax due or income account to decrease the amount due

6. Enter the Adjustment amount.

7. Add a Memo, as you see fit

8. When complete, select Save

That's it!

 

For future reference, here's an article for Sales Tax Adjustments.

 

If you have any other questions, feel free to reach back out.  We'd like to help!