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JodyCPA
January 31, 2025
Question

Applying Interest on an invoice to another account

  • January 31, 2025
  • 1 reply
  • 0 views

Hello, I have a payment that included interest. This interest was not included on the original invoice (so therefore it resulted in an overpayment). I did a journal entry to move the excess amount to interest, but now I have a credit and a debit in the AR aging report that net to zero that I need cleared. I am on Quick Books desktop version. Any ideas? 

1 reply

BigRedConsulting
BigRedConsulting
February 4, 2025

Instead of a Journal (tricky with AR and AP accounts), record another invoice for the interest/finance charge, using an item set up using the desired income account.

 

Then edit the payment and select the new invoice in addition to the one the payment already pays.

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