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Anonymous
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Accountant paid our company back for a late fee from the IRS. How to handle that payment in QB?

Our LLC received a penalty from the IRS bc our accountant submitted our return late.  We paid the IRS a penalty fee from our account.  Later on, our accountant wrote a check to us for the amount that we paid.  I was wondering what would be the best way to handle the payment from our accountant to us in Quickbooks since it is not really a refund?  Thanks for your time.

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Best answer 12-29-2018

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Level 15

Accountant paid our company back for a late fee from the IRS. How to handle that payment in QB?

deposit the check from the accountant and use Other Income as the source account for the deposit

on the P&L income is reduced by expense,

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Highlighted
Level 15

Accountant paid our company back for a late fee from the IRS. How to handle that payment in QB?

deposit the check from the accountant and use Other Income as the source account for the deposit

on the P&L income is reduced by expense,

View solution in original post

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Anonymous
Not applicable

Accountant paid our company back for a late fee from the IRS. How to handle that payment in QB?

Thanks Rustler!  Happy new year to you and yours.

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