We have contracted with company to collect water/sewer payments and send the money to us after expenses are taken out. How do we record gross amount collected as income?
We have contracted with company to collect water/sewer payments and send the money to us after expenses are taken out. How do we record gross amount collected as income?
We show expenses under expense line items; however, we need to capture the gross amount collected as income. We only receive a check for the net amount, after expenses are taken out.
We have contracted with company to collect water/sewer payments and send the money to us after expenses are taken out. How do we record gross amount collected as income?
When someone else is handling your money, treat it like a bank account - one that you enter manually. Create a QB bank account for the service.
Record the gross payments in and out this account as they occur - just like any other bank account.
When you receive the net proceeds it will appear as a deposit in your regular bank - and code it against the service account.
Sign in for expert help
Ask questions, post replies & join our community of QuickBooks users.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
