Invoice's total amount out by a few cents when applying negative amounts to an invoice

Legacy KB ID: 1913

Question

Why is my invoice total out by a few cents when I apply a negative amount to an invoice?

Answer

Negative amounts on an invoice are not possible in Reckon Accounts as you cannot negatively pay an entity. However, there is a documented procedure as follows to create a "recipient created tax invoice".

See Also 'Q652 Creating a Recipient Created Invoice. (As opposed to receiving a recipient created invoice) Customer wants to send an invoice for income minus expenses.

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1. Setup the owner as a supplier and a customer (Slight spelling change needed) 

2. Enter a bill for the rent collected (the full amount) 

3. Enter an invoice for the charges you are charging (Usually setup as Service Items) 

4. Place a reference to link the two forms in the memo field 

5. Produce a Word Document for the invoice you are sending the customer (Which has Rent Minus Fee's) [Bill Minus Invoice] 

6. The amount on this invoice is what you owe the owner. If it is negative then it is what the owner owes you. 

Or use a discount item, create a new discount item using the following method.

See Also 'Creating discount items' in the Reckon Accounts Help menu.

1. From the Lists menu, choose Item List. 

2. From the Item menu button, choose New. 

3. In the Type field of the New Item window, choose Discount. 

4. Type an item name, such as 'Discount.' 

5. Type the description that you want QuickBooks to put on your sales forms when you apply the discount. 

6. Type the discount amount

7. If your discount amounts vary, you may want to leave the Amount field blank and type the amount directly on your sales forms. 

8. Type the account you use to track discounts you give to customers. You can use either an expense account or an income account. When an income account tracks discounts on sales, the account is often called a 'contra-income' account. 

9. Choose the default tax code to use for this discount item. 

10. Record the item on the invoice to be offset by your nominated amount.

Note - If you are applying the discount to more than one item, you must first use a subtotal item and then apply the discount to the subtotal. "A discount item applies a discount (either a percentage or a fixed amount) to the preceding line on a sales form".

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