Factoring

Thank you for visiting the Community today, agubax.

Tracking your transactions and gas discounts correctly to the right account is crucial for the accuracy of your financial statements. Let's utilize the Credit card credit function to record the gas discount. 

Before we start, it's a good idea to seek advice from your accountant about which account to use for the transaction. After that, set up the category in your company. 

When you're ready, let's proceed and input the entry. Here's how to do it:
 

1. In your company, tap the + New button and select Credit card credit under Vendors.
2. On the transaction page, click the Payee drop-down and choose the vendor's name from the list.
3.  From the Bank/Credit account drop-down menu, select the correct credit card account. 
4. In the Category details section, enter the account provided by your accountant and the gas discount figure in the Amount (USD) column. 
5. Click the Save and close button. 
   
   

For other methods to make payments via credit card, take a look at this link: Record your payments to credit cards in QuickBooks Online. Simply choose the one from the list that best fits your situation. 

 I've gathered some resources that might come in handy for you in the future. The articles listed below offer solutions for configuring fees on your online sales channels and managing customer interactions. Review each article to learn more about the process:

• Manually add service fees to invoices in QuickBooks Online
• Record third-party sales and fees in QuickBooks Online
• Invoices and payments
  
  

Stay in touch if you have additional questions about tracking your gas discount and other transactions. I'll get back to make sure you're well taken care of. Enjoy the rest of the day, agubax.

@agubax 

When you create the deposit, create three line items:

$2,400 to A/R for the customer (not Love's)

-$48.00 to Factoring Fee expense

-$1,255.67 to the Love's fuel card

That will leave $1,096.33 for the deposit amount.  You will then need to match the $2,400 A/R credit created by the deposit to the invoice sold to Love's.  Go to New > Receive Payment and apply the credit to the invoice to close it out.  Keep in mind it will appear as though the payment came from the customer, not Love's, so you may want to create a tag or memo that denotes that. 

The other option is to add the negative expense and fuel deduction to the invoice and then use Receive Payment to match the amount received ($1,096.33) to the amount now due on the invoice.