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Ironmikesharp
September 18, 2020
Question

Holdbacks - Invoicing

  • September 18, 2020
  • 1 reply
  • 0 views

Good afternoon,

 

  I have set up an accrued holdback in accounts recievable (and credited a holdback account in Liabilities)

 

  Now I want to invoice that holdback (credit revenue) and debit the liability.

 

  How do I go about doing that?


Thank you

1 reply

N
Nick K
September 18, 2020

Hi Ironmikesharp,

 

Great job setting up an account to track your holdback the way you need to. QuickBooks Desktop makes it easy to keep track of your books and invoice transactions out. I'd be happy to help you with this.

 

It sounds like you'll need to make a journal entry in order to credit and debit the correct accounts. In order to make a journal entry you'll need to follow these steps. Company>Make General Journal Entries. From there you just need to enter the accounts you are looking to debit and credit. I'd recommend speaking to an accountant first however to make sure the right information is entered. If you don't have an accountant no worries. You can go to our find an accountant page to find one in your area to help.

 

Hope this helped!

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