Paying off an invoice to a line in QBs

I'll share some tips to help ensure that your workflow aligns with your specific business needs, info1804.

Based on your description, it appears that the income is received from these clients as a service charge related to the 13 properties.

Sending the invoice to the companies responsible for the properties will guarantee that you accurately bill and track the earnings. This way, you maintain a clear record of transactions and make it easier for the clients to process the payments accordingly.

You'll also want to consider adding the properties as classes for a more consolidated view of income and expenses. This will help you analyze the overall performance of different segments of your business. 

If the funds sent to you are upfront deposits, follow the steps highlighted in Step 1-3 sections of this article to set up and record them: Manage retainers. On the other hand, if they're regular payments, we'll have to create a bank deposit affecting the Accounts Receivable account. When you're ready, here's how to enter and pay the invoice:

1. Add the invoice.
2. Head to the Customers menu, then scroll down to Create Credit Notes/Refunds.
3. Pick a customer and select the deposit or retainer item you created from the Item drop-down list.
4. Enter the amount of the deposit and hit Save and close.
5. In the Available Credit pop-up dialog, select Apply to an invoice and click OK.
6. Choose the invoice, then hit Done.

Additionally, feel free to read this article to learn how to track your sales, receivables, and profitability more accurately: Get started with customer transaction workflows in QuickBooks Desktop.

Our Community is a supportive space where you can ask questions, share your experiences, and learn from others. Please don't hesitate to post your inquiries or contribute to ongoing discussions. Have a great rest of the day!

Hi, 

Thanks for the suggestion however that would not work for us, it was under advisement from our accountant to report and allocate this way.

Yes, the 13 properties make a deposit every 6 months but this is a communal amount for charges such as cleaning, repairs, insurance etc. No one property pays for anything.....

As you can see from the attachment I have 2 lines in QB, one for income and one for expenses (I assume our accountant combines the two for reporting purposes and the end of the year, take one from the other = petty cash left...

I need to create an invoice that i can "pay off" to the expenses line.

13 properties pay £100 = £1300 allocated to the Income line

I create an invoice for "Insurance" £1000

I need to "Pay that off" to the expenses line...

I cant charge these to the individual customers. I was assuming something like Journaling costs? or another QB way of making it work....

Thank you for getting back to us. I have another option on how you can pay off the expense line, info1804.

Normally, expenses, costs, and payments are used frequently and are often used interchangeably as an expression of money leaving the company, let's differentiate these terms accordingly.

An expense occurs when you acquire a product whether it is for resale, for production, or your own consumption. Payment takes place when you pay for the product. While cost occurs when you consume the product, whether when you sell it,  you use it for production, or when you use it for your consumption.

Since the solution provided by @KlentB doesn't work for you, you can create a journal entry to pay off the expenses line. I've outlined the steps to show you how:

1. Go to the Company menu and select Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
   
3. Click Save or Save & Close.

However, if you're unsure of what accounts to use, I recommend seeking out your accountant's advice. They are more skilled when it comes to familiarity with a range of financial management and its' process.

Furthermore, you may want to view the debits and credits, at the same time view the amounts and accounts of each transaction. Here's an article for more details: View The Transaction Journal Report In QuickBooks Desktop.

Feel free to let me know if you have additional concerns about paying off an expense line or invoice. I'd be happy to help.