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isleiman
Level 1

Is the a way to apply a payment we recieved from a scrap yard, to the project we recycled the scrap from?

We are a construction company, regulalry removes old steel parts from our customers jobsites as part of the demo process, before retro-fitting new parts. We occasionaly recycle this material, is there a way to apply the payment recieved for recycling to the project it cma from in order to show an improved margin for that project?
2 Comments 2
Mark_R
QuickBooks Team

Is the a way to apply a payment we recieved from a scrap yard, to the project we recycled the scrap from?

Welcome to the Community, @isleiman. I've got your back on applying payments to a recycled scrap from the project.

 

Yes, you can create a zero sales receipt for the scrap materials and update the sales receipt when you accumulate the payments from the scrap. Then, that's the time you can apply it.

 

Here's how to do it:

 

  1. Click the + New button, then select Sales receipt.
  2. In the Customer drop-down, choose the project you want to apply the payment.
  3. Add the materials from the Product/Service column and leave the amount as zero.
  4. Hit Save and close.1.PNG

Once you already accumulate the payment from the scrap, you can go back to the sales receipt and enter each amount of the materials. Or you can make a deposit to the payment amount and associate it to an income account, like Scrap Recycle Income. This way, it'll improve the margin of the project.

 

Most importantly, I suggest seeking help from your accountant for more guidance.

 

As always, feel free to visit our QuickBooks Community help website if you need tips and related articles in the future.

 

Please keep in touch if there's anything else I can do to help you succeed with QuickBooks. I've got your back. Have a great day!

Mark_R
QuickBooks Team

Is the a way to apply a payment we recieved from a scrap yard, to the project we recycled the scrap from?

Hello there, @isleiman.

 

I'm here to make a follow up on your concern regarding applying payments to a recycled scrap from the project. If you need further assistance with this, you're welcome to post again or leave a reply below. We're always here to help.

Thanks for coming to the Community, wishing you and your business continues success.

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