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Firebyrd
Level 1

Resolving differences on invoice payments

Hi all,
I am having difficulty with matching payments received to outstanding invoice amounts. The payments I am receiving are net of processing fees. I have been matching the payment received to the corresponding invoice by assigning the gross amount received to the invoice and subsequently using the resolve difference tool to assign the excess payment to the card processing fees expense category.
This is correctly creating an expense to reflect the fees associated with the payment, however the grossed up payment, rather than the amount net of fees, is being taken from the invoice balance. This results in invoices being overpaid by the amount assigned to the card processing expense category.
Any guidance/suggestions on how I can correct this would be greatly appreciated

2 Comments
Rustler
Level 15

Resolving differences on invoice payments

I do it differently, there are two ways

1. create a service item for the fees linked to the expense account, use that item on the invoice, qty is negative one and enter the amount of the fee, save and receive payments, deposit, then download and match

 

or

 

2. receive the full amount, then use make deposits and at the bottom of the form select the expensed account and enter the fee amount as a negative number, then deposit.  download banking and match

Firebyrd
Level 1

Resolving differences on invoice payments

Hi Rustler,

Thanks so much for your response, its really appreciated!

I have tried your first suggestion and have created service items for commissions and card processing fees. Entering the amounts of these fees has the effect of reducing my sales invoice by the amount of the combined fees. Is there a method to recognize these fees and leave the amount of my sales invoice at the value of my daily sales.

With respect to your second suggestion would you mind providing further detail please? When I match the payment to an invoice I am unable to make deposits at the bottom of the form like you suggest.

Thanks again for your help!

 

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