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DE1121
May 3, 2022
Question

What the best way to show dealer fees for consumer financing would be in QB Online?

  • May 3, 2022
  • 1 reply
  • 0 views
IE. a customer finances their invoice with the bank for a no-interest financing plan and the dealer (our company) gets charged a dealer fee (discount rate) by the bank to offer that plan to the consumer. We in turn get deducted that fee upon receiving payment from the bank and only receive a portion of the amount originally invoiced. Right now, I am entering it as a discount on the customer 'sales receipt'. However, I do not like that because it shows up as a 'discount given' on the P

1 reply

L
LeizylM
May 3, 2022

Welcome to the Community page, DE1112. 

 

I can help record your transactions in QuickBooks Online.

 

You'll need to create a new service item and select an expense account.

 

Here's how:

 

  1. Go to the Gear icon.
  2. Select Product and Services under Lists.
  3. Click New.
  4. Select Service.
  5. Add the name under Name and select an expense account under Income account.
  6. Click Save and close.

 

After creating the item, create a credit memo and select the service you've created. Let me show you how.

 

  1. Click on the Plus (+) icon.
  2. Select Credit Memo.
  3. Select a customer and fill in the necessary information.
  4. Under Product/Service select the service item.
  5. Add the amount.
  6. Click Save and close.

 

As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.

 

Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a great day.

S
Sbow12
December 20, 2022

How is this done on Desktop?

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