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Screenman1
February 22, 2023
Question

How to post a payment from a sister company that transferred funds from a customer payment &deducted an additional amount owed to them

  • February 22, 2023
  • 1 reply
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A payment was received by our sister company for invoices from a customer in their company & our company. They received the payment from the customer in total $2430.25 for which $314.50 was for their invoices and our sister company was owed a $700.50 amount which they deducted from the payment that was owed to them & transferred a net amount of $1415.25.  How can I post the net amount transferred and account for the $700.50 payment deducted from the transfer?

1 reply

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docsbp29
February 28, 2023

You can just receive the payment the regular way through the receive payment window. Put a note in the memo that the check came from the sister company because the customer misdirected the payment.

 

Or make a journal entry to credit accounts receivable and debit a note receivable account from the sister company. Then when you deposit the check in the account field of the deposit in the check book use the note receivable from sister company account

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