How do I match an invoice to an expense plus a deposit?
I sell livestock. In doing so the selling agents charge me various fees for selling the stock, then they pay me the balance of the income for the stock minus the selling expenses.
So I write an invoice for stock sale value in my own system, say for $10,000
I write a selling expense for say $500
I receive a deposit into my bank of $9,500.
I need to record each of the income and the expense to account for the Goods and Services tax that is part of each.
How do I review the bank amount of $9,500 and get the system to realise it is a payment of $10000 on that invoice, minus the associated selling expenses?
thank you
Hi Katie,
I’d love to help with getting these payment matched with your invoice and expenses.
First, I’d like to reiterate what you said, just to ensure that I understood correctly.
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- You invoiced a customer $10000
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- And the selling expense was $500
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- And the amount you Received in your account was $9500
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- You would now like to match the bank deposited amount with the invoice and the expense
If this is a case, you can follow the below steps:
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- Create an invoice.
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- Add the item with the full rate of $10000.
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- In the second line add another item (which should an expense item) as a fee in a negative amount as -$500.
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- Saved the invoice and received the payment of $9500.
By doing this $9500 should be showing as deposit in your register and $500 will reflect as an expense. I hope this will help you to track your book and if you need to know more about this please feel free to call us. We can help you with all your Quickbooks related Query.
