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Cash Application & Deductions
asah
Member Posts: 59
Team,
I need your help. Here’s my scenario.
I invoiced my Customer for $1,000.00
Created a Payment Journal
Credit = $1,000.00 w/ Offset account of BANK
Went into Payment Fee tab and recorded as payment fee of $50.00
When I run the payment journal report, I have the following g/l posting
Cash $1,000.00
A/R -$1,000.00
Tax $50.00
Cash -$50.00
The problem with this is that we have just said we received $1,000.00 into our bank account and then recorded a payment of $50.00 which reduced my cash. The desired g/l allocation should be as follows
Cash $950.00
A/R -$1000.00
Tax $50.00
I have tried every possible combination to record the actual bank deposit of $950.00 against an invoice that was originally $1,000
I need your help. Here’s my scenario.
I invoiced my Customer for $1,000.00
Created a Payment Journal
Credit = $1,000.00 w/ Offset account of BANK
Went into Payment Fee tab and recorded as payment fee of $50.00
When I run the payment journal report, I have the following g/l posting
Cash $1,000.00
A/R -$1,000.00
Tax $50.00
Cash -$50.00
The problem with this is that we have just said we received $1,000.00 into our bank account and then recorded a payment of $50.00 which reduced my cash. The desired g/l allocation should be as follows
Cash $950.00
A/R -$1000.00
Tax $50.00
I have tried every possible combination to record the actual bank deposit of $950.00 against an invoice that was originally $1,000
0