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mdiamond6
September 6, 2024
Question

Posting vendor payment that included financial penalty takeback

  • September 6, 2024
  • 1 reply
  • 0 views

I received a payment from an agency that has many clients with my company. The payment included a penalty amount that the payor withheld. I'm not sure how to post this payment - I am using Quickbooks Desktop Enterprise Solutions 22.0. 

 

The payment amount was $558.27.

It included payment of $1,294.02 for Customer A.

It included a penalty takeback of $492.75 for Customer B and $243.00 for Customer C. 

 

How would I go about posting this?

1 reply

S
SashaMC
September 6, 2024

Hello mdiamond6,

 

Thank you for reaching out to the QuickBooks Community! Glad to see you here. For this issue, we highly recommend speaking with your accountant to see what would be the best fit for your institution. If you don't have an accountant, we offer a ProAdvisor service where you can connect with experts within your area. Many offer a free consultation, too! 

 

  1.  Go to this Find my Accountant link.
  2. In the Find an expert in section, choose what you're looking for, then use your search field to enter a City or ZIP code.3. Select Search.
  3. Browse through the results and find one that works best for your business. You can click on each ProAdvisor's profile to learn more information about them.


    If you have any other questions, I'm just a post away. Have a wonderful day!
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mdiamond6Author
September 6, 2024

Thanks for your reply. I do have an accountant, but was hoping someone could help with this one situation so I would avoid reaching out to them for what could be a quick fix.

R
Rea_M
September 6, 2024

I'm here to ensure you can post vendor payment, including financial penalty takeback in your QuickBooks Desktop (QBDT) company, mdiamond6.

 

Based on the samples you illustrated, you can record a bank deposit to track the payment you received from the agency. Before you do so, I recommend seeking guidance from your accountant to obtain additional insights on this matter and to receive recommendations specifically suited to your business needs.

 

To make a bank deposit, here's how:

 

  1. Go to Banking and select Make Deposits.
  2. Close the Payments to Deposit window to enter the deposit transactions manually.
  3. In the Make Deposits window, select the account you want to put the deposit into from the Deposit To dropdown.
  4. Under the Received From column, choose the customer names and input all other data needed, like From Account, Memo, and Amount (negative penalty takeback amounts for Customer B and Customer C).
  5. Make sure the Deposit Total is correct (558.27)
  6. Click Save & Close once done. 

 

Moreover, there are different ways you can track customer transactions in QBDT. To know these workflows, check out this article: Customer transaction workflows in QuickBooks Desktop.

 

Stay in touch with me if there's anything else I can help you in recording the payment you received from your vendor. I'll be right here to provide the information you require.

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