Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > QuickBooks Enterprise Edition Forum

Reply
 
Thread Tools Rate Thread Display Modes
  #1  
Old 08-28-2017, 02:19 PM
JeffW012 JeffW012 is offline
Registered User
 
Join Date: Apr 2016
Location: North Carolina
Posts: 17
Sales Allowance Error & Now Receiving Payment

We have special payment terms with a client who pays each invoice in 2 installments: 98% paid within 10 days, the remaining 2% is paid in the following quarter. On several invoices, we mistakenly recorded the 2% as a sales discount with the first payment, and now (in the next accounting quarter) we received their payments for the 2%, but of course those invoices are closed.

I cannot simply make GJ entries, as only the owner of our company has access to GJ; I thought about creating a new invoice for the item "bad debt recovery" which we already have setup in our system (QuickBooks Enterprise); and apply the payment to this invoice. Is that acceptable? Is there a better way to handle this?
Reply With Quote
  #2  
Old 08-28-2017, 02:53 PM
Froid Froid is offline
Registered User
 
Join Date: Feb 2017
Location: Southern California
Posts: 114
The good thing about creating an invoice for the 2% is that it flows thru that client's A/R acct, giving it a decent trail of what transpired. In my opinion, it seems you ought to code the amount to the same 2% discount acct.

If the transaction trail does not matter much to you, then just code it as a miscellaneous receipt and hit that 2% discount acct.

If the P&L impact from period to period is of little consequence - and you do not shut off prior periods - you could delete the original "misposting" and enter the way it should have transacted.

Lots of possibilities.
Reply With Quote
Reply

Bookmarks
Bookmark and Share
Tags
recovery payments, reversing entries

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On

Forum Jump


All times are GMT -5. The time now is 09:47 AM.


 

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.