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Frequent Contributor *

Payment from Govt that includes interest

I'm sure this is a simple fix but being new to QB, it's beyond me.  We received a payment from the Government (US) that included interest because it was late.  How do I apply to interest to interest income?  I've applied the full amount of the payment to the customer account (as I want to show the full payment).  I would think that I could 'write off' the over-payment to a G/L account but not sure how to do that.  TIA for any advice!

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Best answer 04-09-2019

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Established Community Backer ***

Re: Payment from Govt that includes interest

did you try clicking on the next open line and selecting an account?  in the from account block

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4 REPLIES 4
Established Community Backer ***

Re: Payment from Govt that includes interest

to reflect the interest on the invoice, which I do not think I would do, add an item that posts to interest income and enter that amount

 

I would receive the amount invoiced, and in make deposits on the next line select the interest income account and enter the amount

Frequent Contributor *

Re: Payment from Govt that includes interest

Thank you for the reply.  Unfortunately if I use the Make Deposits option, there is no way to select the Interest Income account.  Other thoughts?  

Established Community Backer ***

Re: Payment from Govt that includes interest

did you try clicking on the next open line and selecting an account?  in the from account block

View solution in original post

Frequent Contributor *

Re: Payment from Govt that includes interest

Thank you!  My ignorance - I took From Account to be a customer.  I didn't look at the options.  I'm all set.  Thanks for the input - much appreciated!