Cash payment from one customer as cost share matching funds on federal grant
We have a federal agreement that requires 20% cost share/matching funds from non-federal entities. I need to know how to properly handle the situation where two separate customers are sharing the cost on one invoice. What accounts and items to setup, what transactions to use (credit memos?) or journal entries to make to be able to apply payments from two separate customers to one invoice. In other words, I want to show our full cost on the invoice to the federal agency, and reduce the amount the agency pays by applying a credit or partial payment against that invoice for the amount of cash cost share provided by the other customer (the non-federal entity). We are currently using QuickBooks Plus Online. Thank you.
