We receive a bonus from a vender we use for loans for our customers. When a customer's loan is approved, we receive a payment for the loan amount we also receive a bonus for using their service. I was told to record it in a general journal enter - debit the checking account and credit the the account label compensation (which is an income account).
When I try to reconcile, I can not, it make the amount go up and there is nothing to off set the bonus. I tried to see how it was done in the past, but can not trace it on the on check and payment side. It shows up on the deposit when reconciling and that is all.
Please help as I would like to reconcile for Oct.!
Thank you for all and any help
Let me provide the steps on how to record the bonus from a vendor, HOw to clear a depost from serva.
You can delete the journal entry and deposit the bonus you've received from a vendor. Doing this help reconcile transactions correctly.
Let me show you how to record the bonus as a deposit:
For the posting account of the deposit, I recommend seeking help from your accountant. They might have specific instructions since you're handling a loan from customers.
Check out this link to learn more about this process: Record and make bank deposits in QuickBooks Desktop.
After that, you can continue reconciling the bank or credit card account.
Feel free to comment below if you have follow-up questions about recording the bonus. I'll be around whenever you need help with QuickBooks.
I have an account that the bonus goes into and is recorded as income. In the past I had entered the bonus the way I did and did not have a problem reconciling the bank account. For some reason, after installing an updated version of QBs, it it then when I can not longer enter the bonus as I use to. I have gone back and check to see how the bonus was entered. What I did last month is the same way it was entered in the past.
Not understanding why it has become a problem. I also looked back at previous notes as to how it was entered. I have entered it correctly - the way it was done in the past years (going back to 2017)
Thank you for sharing to us your experience, @HOw to clear a depost from serva.
Updating to the latest release fix known issues and add features and enhancements, as well as update compliance information. When you record the bonus that you've received from your vendors, you can follow the steps provided by my colleague above.
You can check the following article to know more about the latest features after updating your QuickBooks to the latest release: Update QuickBooks Desktop to the latest release.
Also, you may find the Income tracker helpful to you. This will let you show unbilled, unpaid and paid sales transactions. Just go to the Customers menu and select Income Tracker.
Let me know if you still have questions in recording your transactions. I'm always glad to help in any way I can. Have a great rest of the day!
I have tried this several times - it is not working. I even tried to enter a vender refund. I guess I am missing something.
I do appreciate you help!
Thanks for following up with the Community, HOw to clear a depost from serva.
I've reviewed our ongoing/solved investigations and don't see any records about users being unable to record deposits or enter vendor refunds.
Since you're having trouble recording your bonus as a deposit and entering vendor refunds after updating to the latest release, I'd recommend contacting our Customer Care Team. They'll be able to pull up your account in a secure environment and conduct further research with you. Additionally, with your permission, they have an ability to screen share and see what you're seeing.
You'll be able to reach them while using QuickBooks.
1. In the top menu bar, go to Help, then QuickBooks Desktop Help.
2. Click Contact Us.
3. Enter a brief description of your issue in our Ask a question (or tell us what's wrong) field.
4. Hit Continue.
5. There'll be a few support options. Select We'll contact you or Message us.
Be sure to review their support hours so you'll know when agents are available.
If there's anything else I can help with, I'm just a post away. Have a fantastic day!