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A
accounting255
April 23, 2021
Question

How to post payments that were sent to collection agency when the fee is deducted from the payment that the agency sent to us?

  • April 23, 2021
  • 1 reply
  • 0 views
I have numerous customers that were sent to collections and now the agency has been able to collect. They have sent me a check but they have also deducted fees from it. I would need to post the payments to the customer accounts but how to I handle the fees so that the bank deposit would be correct?

1 reply

J
JamesM4
April 23, 2021

Hello accounting255,

 

QuickBooks is the go-to program for business owners looking to streamline their business. I'm glad to learn you're using the program to get ahead with your work. I'll be happy to steer you in the right direction so you can post the payments with ease. 

 

Based on what you've described, it's important you record your transactions the right way and I recommend reaching out to an accounting professional for expert advice. If you're not in contact with one, I encourage you to search for one on our website using this link here. 

 

I'll also leave this question open in the community so other members can chime in and share their expert advice. Feel free to ask other questions in the comment s below. I'm here to help.

A
accounting255Author
April 23, 2021

I thought about my question overnight.

 

Could I not just post the payments to the customer accounts and then when I go to make a deposit could I not put in the area "add funds to deposit" and put in the negative amount (which is the fees the agency charged us) and expense it to the proper account and then the deposit would equal the check I received from the collection agency?

A
accounting255Author
November 2, 2022

That is exactly how I post checks I receive from our collection agency.

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