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SHERNETTE
SHERNETTE
November 15, 2019
Question

JE for recording payment for break in contract by vendor QBO (Kill Fee)

  • November 15, 2019
  • 1 reply
  • 0 views

I have a vendor that agreed to work with on a project with a set of creators. After delivering the first script she decided she doesn't want to do the project so we paid her a kill fee. Since the project was work in progress, nothing was expensed so it all is sitting in work in progress. Since she won't be working on the project anymore. Where do I record this "kill fee"?

1 reply

J
JamesM
November 15, 2019

Hi Shernette,

 

It's good to hear from you again! Making sure you're recording a transaction the right way is good for preventing discrepancies in the future. 

 

I recommend contacting an accounting professional. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any future discrepancies. Let me know if you have other questions. I'm here to assist. :)

 

 

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