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Clients deduct 10% on my payments for income tax; how can I reflect this on invoices since payment total deposited is not equal as the invoice total.

 
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Best answer 07-09-2019

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QuickBooks Team

Re: Clients deduct 10% on my payments for income tax; how can I reflect this on invoices since pa...

Hello there, @dalia-feliciano.

 

You'll just have to create a bank deposit and enter the amount deducted with the negative value. This is to match the deposit with the actual amount received.

 

To receive a payment from the invoice:

  1. Click the (+) Plus icon.
  2. Under Customers, select Receive Payments.
  3. Enter the name of customer in the Customer field.
  4. Under Deposit to field, select Undeposited Funds from the drop-down menu.
  5. Click Save and close.

Now to record bank deposit:

  1. Click the (+) Plus icon.
  2. Under Other, select Bank Deposit.
  3. Locate and mark to select the invoice.
  4. Under Add funds to this deposit, select the customer from the RECEIVED FROM column.
  5. Select an expense account under the ACCOUNT column.
  6. In the AMOUNT column, enter a negative amount for the tax.
  7. Click Save and close. 34.png

You can always visit our page to learn more on how to mange your income and expenses in QuickBooks Online.

 

As always, if you have other questions, don't hesitate to leave a comment below. I'll be always here to help you. Have a great day and more power in your business!

1 Comment
QuickBooks Team

Re: Clients deduct 10% on my payments for income tax; how can I reflect this on invoices since pa...

Hello there, @dalia-feliciano.

 

You'll just have to create a bank deposit and enter the amount deducted with the negative value. This is to match the deposit with the actual amount received.

 

To receive a payment from the invoice:

  1. Click the (+) Plus icon.
  2. Under Customers, select Receive Payments.
  3. Enter the name of customer in the Customer field.
  4. Under Deposit to field, select Undeposited Funds from the drop-down menu.
  5. Click Save and close.

Now to record bank deposit:

  1. Click the (+) Plus icon.
  2. Under Other, select Bank Deposit.
  3. Locate and mark to select the invoice.
  4. Under Add funds to this deposit, select the customer from the RECEIVED FROM column.
  5. Select an expense account under the ACCOUNT column.
  6. In the AMOUNT column, enter a negative amount for the tax.
  7. Click Save and close. 34.png

You can always visit our page to learn more on how to mange your income and expenses in QuickBooks Online.

 

As always, if you have other questions, don't hesitate to leave a comment below. I'll be always here to help you. Have a great day and more power in your business!

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