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info47
Level 1

How to change the allocation of funds to a particular income account when the payment was received via an invoice and now sits in undeposited funds/accounts receivable?

Our entertainment company takes 20% from gigs and we use that money for general operating expenses. I want to be able to track this 20% income. Normally when depositing a check I can split the check ... some for "performance income" and the rest to another income account I made "20% to biz name". My problem is that when I receive a payment on an invoice I am not able to later change the income account (to this 20% account) after it is processed towards accounts receivable/undeposited funds. I do not want to show this 20% allocation on our invoices. Not sure how else to go about this. Any help would be greatly appreciated.

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Best answer December 10, 2018

Best Answers
Raywhite28
Level 7

How to change the allocation of funds to a particular income account when the payment was received via an invoice and now sits in undeposited funds/accounts receivable?

You would need to create a journal entry to allocate the dollars from one account to the other.
Otherwise, do it on the invoice.

View solution in original post

1 Comment
Raywhite28
Level 7

How to change the allocation of funds to a particular income account when the payment was received via an invoice and now sits in undeposited funds/accounts receivable?

You would need to create a journal entry to allocate the dollars from one account to the other.
Otherwise, do it on the invoice.

View solution in original post

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