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Old 08-28-2017, 02:19 PM
JeffW012 JeffW012 is offline
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Join Date: Apr 2016
Location: North Carolina
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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?
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Old 08-28-2017, 02:53 PM
Froid Froid is offline
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Location: Southern California
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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.
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