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Hi,
In our Online QB, Previous employee recorded invoice payment wrongly. We were using Third party to receive our payment (factoring company), they were use to deduct 1% of total invoice payment and provide us the rest of amount on same day.
For bank reconciliation purpose, our previous employees entered three different entries.
* For e.g. - we received payment for 10 invoices from third party(factoring company) in our bank account, which is recorded as transfer from third party( names-xyz, and haven’t received any invoice under this transfer) . According to me, which was supposed to receive against those invoices. Please suggest what can be done.
*Some of the invoices are received and some of those are still showing unpaid. Those are received, also recorded incorrectly. Instead of choosing correct bank account- they have chosen third party (Factoring company) with different name (ABC).
*In invoice, they have not shown, where we have paid a factoring fee of 1 %, invoices are received fully, without any deduction in wrong account (ABC). And now our QB is not showing our factoring expense.
Please help me how I can correct this, so that customer balance or overdue should not increase. Thus, I can see correct overdue amount for sales.
Solved! Go to Solution.
Let's make to record your invoices correctly, TJdhaliwal.
Accounts receivable is the dollar amount of credit sales that are not collected in cash. This is the total amount of unpaid bills owed to third parties. Normally, when you create an invoice, you send it out. You'll have to go to the invoice and receive the payment. Then, go back to the Banking page where it looks for transactions, it offers to match bank transactions with the payment made. If you want to include the factoring expense to your customer's invoice, you can create a service item under the Products and Services page. To do this, you can follow the steps below:
Once done, create an invoice and enter the fee on the next line item so it would be added to your invoice.
I've added this article for guide: Create Invoices In QuickBooks Online. Additionally, QuickBooks downloads the latest transactions automatically. For more information, check this out for your guide: Categorise And Match Online Bank Transactions In QuickBooks Online.
Keep in touch if you have any questions about entering invoices and fees. I'll be here to help.
Let's make to record your invoices correctly, TJdhaliwal.
Accounts receivable is the dollar amount of credit sales that are not collected in cash. This is the total amount of unpaid bills owed to third parties. Normally, when you create an invoice, you send it out. You'll have to go to the invoice and receive the payment. Then, go back to the Banking page where it looks for transactions, it offers to match bank transactions with the payment made. If you want to include the factoring expense to your customer's invoice, you can create a service item under the Products and Services page. To do this, you can follow the steps below:
Once done, create an invoice and enter the fee on the next line item so it would be added to your invoice.
I've added this article for guide: Create Invoices In QuickBooks Online. Additionally, QuickBooks downloads the latest transactions automatically. For more information, check this out for your guide: Categorise And Match Online Bank Transactions In QuickBooks Online.
Keep in touch if you have any questions about entering invoices and fees. I'll be here to help.
Thank you so much.
TJ
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