Recording a off-set payment from Revenue

ME- · ‎February 21, 2023

Hi

A customer withheld tax on one of our invoices. I have set up the withholding tax expense account, created the credit note and applied the credit note to the invoice. Revenue have now offset the withheld amount against another liability (Paye/Prsi monthly return). How can I record this in my QB? I have a balance in the withholding tax expense account and the corresponding amount in the PAYE/PRSI account. Revenue will present DD on our bank account for the total of our liability less the withheld tax. I want to show this transaction correctly in our book. Don't want it showing as we have received payment twice for this amount of the invoice.

Thanking you for your help

Candice C · ‎February 21, 2023

Good morning, @ME-.

It's great to see you back in the Community with your question about recording an off-set payment from revenue.

To be sure of the exact route you need to take to properly record this, I recommend consulting with your accountant. They'll be able to give you the best advice based on how your business is ran.

Keep us updated on how the conversation goes with your accountant. If you have any other questions, don't hesitate to ask. Take care!

ME- · ‎February 21, 2023

Hi

Thank you for your email Candice. Accountant is not familiar with QB package, therefore she is unable to advise the steps to record this transaction. Looking for the steps to follow in QB to record the transaction

Thanking you

ME- · ‎February 21, 2023

Thank you for your email Candice. Accountant is not familiar with QB package, therefore she is unable to advise the steps to record this transaction. Looking for the steps to follow in QB to record the transaction

Thanking you

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Recording a off-set payment from Revenue