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Join nowI have a client that uses a 3rd party processor for delivering some of their orders. The client receives a weekly recap of the orders based on a Wednesday - Tuesday schedule. The report is received on Wednesday morning and the deposit of funds for the orders is received in the bank on Friday.
I am trying to determine the best way of reporting this information. Currently, I wait for the deposit and then enter the deposit information and adjust for sales tax and other expenses that are removed from the sales total.
The company keeps accrual books.
I'm thinking that I should enter a weekly "Customer Invoice" for the sales report and then receive the payment on Friday when the deposit is in the bank? Is this correct or is there a better way?
Thanks
EJ
Thanks for reaching out to the Community, GolfNut72.
To properly determine the best method of entering your client's sales and deposit information, I'd recommend working with an accounting professional.
If you're in need of one, there's an awesome tool on our website called Find an Accountant. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.
Here's how it works:
Once you've found an accountant, they can be contacted through their Send a message form:
I've additionally included a few detailed resources about working with banking, invoices, and reports that may come in handy moving forward:
Please feel more than welcome to post a reply if there's any questions. Have an awesome day!
Which 3rd party processor app do they have?
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