How do I enter a vendor check as an Income reversal (Chart of Accts) instead of Expense due to HOA homeowner O/P. I want it to be credited to "Assessments".

waterfordglencle · ‎May 18, 2021

My only choice of accounts is "Expense" when I set up the vendor to pay the "Customer" back for the O/P. I want the check I wrote to go against Income, Assessments.

LieraMarie_A · ‎May 18, 2021

The Community has your back, @waterfordglencle.

In QuickBooks Online, the check is a vendor transaction. When writing a check, it debits whatever accounts are entered under Category details. I'd suggest recording a journal entry and enter the Assessment income account as credit.

Here's how:

Go to the + New menu.
Select Journal entry.
On the first line, select an account you're moving the funds into. Enter the amount in the Debit column.
On the next line, select the Assessment income account. Enter the same amount in the Credit column.
Enter information in the memo section so you know why you made the journal entry.
Select Save and new or Save and close.

Additionally, you can get more insights about the Chart of Accounts in this write-up: Learn about the chart of accounts.

I'm just around the corner if you need further assistance with this. Drop a comment below and I'll get back to you as soon as I can.

View solution in original post

LieraMarie_A · ‎May 18, 2021

The Community has your back, @waterfordglencle.

In QuickBooks Online, the check is a vendor transaction. When writing a check, it debits whatever accounts are entered under Category details. I'd suggest recording a journal entry and enter the Assessment income account as credit.

Here's how:

Go to the + New menu.
Select Journal entry.
On the first line, select an account you're moving the funds into. Enter the amount in the Debit column.
On the next line, select the Assessment income account. Enter the same amount in the Credit column.
Enter information in the memo section so you know why you made the journal entry.
Select Save and new or Save and close.

Additionally, you can get more insights about the Chart of Accounts in this write-up: Learn about the chart of accounts.

I'm just around the corner if you need further assistance with this. Drop a comment below and I'll get back to you as soon as I can.

waterfordglencle · ‎May 18, 2021

Thank you!

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How do I enter a vendor check as an Income reversal (Chart of Accts) instead of Expense due to HOA homeowner O/P. I want it to be credited to "Assessments".