Payment deduction from customer

It's nice to see you again in the Community, @Michelle. I'll be glad to help you record the payment transactions so the invoice will show as paid in QuickBooks.

You can create a barter account to record the payment transactions, including the rental fee. A barter transaction happens when you and your vendor exchange goods and services. Let me guide you on how:

1. Go to the Gear icon, then click on Chart of accounts.
2. Select New to create a new account.
3. Under the Account Type dropdown, select Bank.
4. Under the Detail Type dropdown, select Cash on hand.
5. Enter the account name. (ex. Barter Bank Account)
6. Click Save and Close.

Then, you can create Expense transactions to track the rental fee and deposit them to the barter account. Once done, you can receive payment for the invoices. See screenshots for visual reference.

1. Click the + New and select Receive payment.
2. From the Customer ▼ dropdown, choose your customer (barter partner) name.
3. Fill in the date and amount.
4. Select the Payment method ▼ dropdown, then Add new.
5. Enter Barter in the Name field, then select Save.
6. Select the Deposit  ▼ dropdown, then click your barter bank account.
7. Click Save and close. 

For more details, see this article: Record a barter transaction. 

Once everything is settled, you might want to read these articles that will guide you in reconciling your accounts effectively:

• Reconcile an account in QuickBooks Online
• Fix issues the first time you reconcile an account in QuickBooks Online

Let me know if there’s anything else you need help with managing your accounts in QuickBooks. I’d be more than happy to assist you. Take care, and keep safe.

Thanks for your help. I follow the instructions and now I have a balance in the Barter Bank Account, which is the exact amount that the customer paid to us after the deduction. But I need to move the money from the Barter Bank Account into our actual checking account. I went to Bank Deposit, but under the Receive From, it doesn't have the option of Barter Bank Account. What should I do?

How do you then get the -3500 to match against the bill?

I have the same issue and I can't figure out how to match that up.

I received my payment of the full amount, added to the deposit the negative number that was deducted, but how do I match that negative deposit against the bill that I have in quickbooks? 

Thanks for getting involved with this thread, AngelaCrane.

In QuickBooks, a match is a transaction you downloaded which is matched with one you already entered in your books. You can use the Suggested matches from Intuit, or click Find other matches to manually locate your matching transaction.

Here's how:
 

1. In the left navigation bar, go to Transactions, then Banks transactions.
2. Find a downloaded record. If you're in Business view, look for "matches found" in your Assign to column. In the event you're using Accountant view, look for "matches found" in your Category or match column.
3. Choose the downloaded record to expand its view. Be sure to take note of its Description (or Bank detail), and amount spent or received.
4. Review your Suggested matches for any possible matching transactions already entered.
5. Click the link next to each match to get more details. Suggested matches will be an identical amount and from a similar date range. 
6. Confirm your match is correct. If the suggested matches aren't correct, use your Find other matches option to look for other transactions.
7. After you've found the correct match, select Match.

I've also included a detailed resource about matching transactions which may come in handy moving forward: Match online bank transactions

If there's any additional questions, I'm just a post away. Have a great Wednesday!

This doesn't help at all though since the transaction shows up in the bank transaction as a deposit for the net amount.  I don't see how to match the withheld amount to the invoice from the customer.

I'm going through a closing with a bank with a customer for a home build--the company I work for is building the house.

In my case I was given an invoice for lets say $10,000 for commission on the sale.

I then gave the bank the invoice for the down payment on the project, lets says $50,000.

Than bank gave me a check for $40,000.

I "received" the full $50,000, against my invoice to them, then "deposited" $40,000, and added funds to the deposit of -$10,000 to "closing costs", but that invoice still shows as open.  Am I missing how I link the invoice from the customer to the added funds?

Link the invoice to the Receive payment for the invoice to be marked as closed, Angela. I know how to do this. Let me guide you through.

To close the invoice, you need to link the invoice to the received payment. Start by reviewing the recorded received payment to ensure that the correct invoice has been selected and it has been deposited into the Undeposited Funds or Payments to Deposit account. This step will allow the payment to be linked with the -10,000 commission from the Bank Deposit window.

After that, you can add the funds to the deposit and enter the -10,000 commission which will be the bill amount.  You may also choose the Accounts Payable account to link this to a bill using pay bills or expenses. It is to offset the 50,000 payment amount of the received payment.  Here's a step-by-step guide:

1. In the left panel, click +New.
2. Select Bank deposit.
3. Choose the undeposited fund you created and enter -10,000 in the Add funds to this deposit.
4. If done, click Save and Close.

Once completing these steps, the Bank transactions window will display the match you can use for your invoice to mark it as closed.

Let us know if you have other queries with handling Bank deposits or any QuickBooks-related concerns. We're here to assist you effectively at any time.

Yep, that very much details all the steps I have already taken and where I have been stuck since yesterday when I started trying to figure this out.  

What I still can't accomplish is how to mark my $10,000 bill as paid. I can only choose a bank account to mark the bill as paid, and the funds aren't in a bank account because they were with held from the check.  

How do I link the bill of $10,000 to the -$10,000 on the deposit?

@AngelaCrane 

The steps provided by QB employees are way too complicated, convoluted and a couple other adjectives that come to mind. .

IMO, the best way to handle this is to create a bank account in QB called 'Clearing Account'.  Pay the bill for $10,000 out of the Clearing Account.  Then, receive payment on the invoice for $10,000 and deposit it to the Clearing Account.  Now, the Clearing Account is $0, the bill is paid and you have a balance due on the invoice of $40,000.  Receive payment on the invoice for $40,000 and match it to your deposit.    

Thank you!

It took longer to delete all the things I had already done than it did to follow your simple paragraph and have this fixed in a way that still shows we had the expense, the expense is paid and we got our deposit and the invoice is paid.  

This is a process I'll have to do again so many thanks to you!

Happy to help.  Glad it worked!