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userian
Sep 8, 2020 7:48 AM UTC
Question

How do i post customer receipts if they are net of deductions?

I'm trying to work out how to allocate cash against invoices when the cash received is net of a deduction. Eg I invoice £100, my agent pays me £95 as they have deducted their £5 fee. I need to be able to post gross inv of £100, costs of £5 and allocate net receipt of £95. Transactions are uploaded into QB automatically from Bank. Thanks

1 reply

payment after leaving
Sep 8, 2020 8:24 AM UTC

Hi userian You will have to select receive payment on the invoice, for the full amount, in the  Deposit to field select the undeposited funds account > save and close. 

You will then have to create a bank deposit: New+ > Bank Deposit > In the Account field ensure you have selected the bank account that the payment was received > Change the date of the deposit to the date you received the net amount > select the box to the left of the relevant invoice > in the account column within the 'add funds to this deposit' section enter/create a expense account relating to the agent fees > in the amount field enter the agents fee as a minus figure > add the VAT if applicable > save and close. If your bank account is connected you'll be able to match the deposit to the net amount showing in the for review page.

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