Quicken & Other Budget/Accounting Software/Accepting multiple forms of payment


I'm currently using Quick books Pro 2014 to account for my sales.
My question is how do I account for multiple forms of payment using the sales receipt form on quick books.
An example of this is I recently accepted a Groupon voucher that covered $10 of a $22 sale. Out of this $10 voucher I will be receiving 50% back from Groupon at a later date.

Thank you for any help you can provide!

Set up a new chart of accounts
Edit menu > chart of accounts > right click > add new
Type= Other current asset
Name = Groupon receivable

Set up a new item called Paid with Groupon
Edit menu > items > right click > add new
Type = other charge
Account = Groupon Receivable
Description =  type this "enter as a negative"

If you dont have a subtotal item add it now
Right click > add new item
Type= Subtotal
Name = Subtotal

When you enter the sales receipt
after entering the items sold
Enter the new Paid with Groupon and enter as a negative the
value of the Groupon

At this point I would add the subtotal item so you can see how
much still needs to be paid.

To keep track of what Groupon still owes you, you can reconcile
that account with each Groupon payment to you.
Post the Groupon payment that Groupon sends you to the new
account Groupon Receivable on a deposit form.

Then reconcile the account to clear all the sales receipts that
were included on the Groupon Check
Banking menu > reconcile > select Groupon receivable >
Ending balance is zero (its not a bank account, so no ending balance)
Then clear that deposit you just entered with the sales receipts
being paid.

You can then create a report of the Groupon Receivable account
Filtering for only uncleared transactions to see what Groupon still
owes you.

Hope this helps

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
We sell and support QuickBooks Enterprise

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Linda Saltz, CPA, QBalance.com


QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com


Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
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