Customer payment

Question

We have purchased a new business. Customers are paying for our invoices however in this deposit is some funds owed to the previous owner. In the Bank feed the total amount is showing. I have created a liability account to receive the money in and out, however in the bank feeds if I go to Receive payment I cannot see where I can allocate the amount owing to the other company. If I go to receive monies then i can allocate to 2 different account codes but it doesn't pay off the customer that I need the funds pay to. It just balances the bank feed. Can anyone help

shella_a · Answer

Hi margkout,
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Record the customer payment against the invoice for your part. Create a Receive Money/Spend Money for the leftover and post it to the liability account (that’s the earlier owner’s share). In Bank Feeds, use Find and match and tick both transactions, so they add up to the one deposit. If you prefer doing it on the spot, hit Split on the feed: one line to the customer payment, the rest to the liability. If you still unable to see where to allocate it, lodge a ticket at My Account or jump on live chat via virtual assistant MOCA and we’ll take a closer look.
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Cheers,
Shella

margkout · Answer

Thankyou that is much appreciated.

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Customer payment

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