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Journal Entry for Customer Accounts

Forum|Forum|5 years ago
June 25, 2021
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We sold a new scooter to a customer. We were unaware of the dealer finance fee from the manufacturer so we are going to absorb that. There was a $50.93 balance on the customer's account. How to I do the journal entry that removes it from the customer's account but keeps it trackable. I have a "Dealer's Finance Fee" expense account already. Thank you!

QuickBooks Enterprise Suite

Best answer by Rustler

Journal entries act funny in QB, best not to use them if possible

Create a service item called Dealers fee and link it to the dealer fee expense account.

Use that item on a credit memo for the customer

apply the credit memo to the invoice to clear it

Journal entries act funny in QB, best not to use them if possible

Create a service item called Dealers fee and link it to the dealer fee expense account.

Use that item on a credit memo for the customer

apply the credit memo to the invoice to clear it

Stace6799Author

Thank you.