Accounting Problems quikbooks help

[Skiboy]

Hi all,

I hate to do this but I believe we have some smart people here that can aid me with this hopefully.

I've tried the quickbooks community, my accountant and a friend that does auditing with no luck. The best answer I get is to do this as a journal entry. I do not want to do this everytime as a journal entry.

I'm currently moving an insurance agency I bought from a old book and general ledger system to quickbooks. It's been working great till now.

Here is my problem.

View attachment 2044
this is an image of my excel statement for the month of September.

In most cases I need to shoot a premium check to the insurance company and I just list the account/amount/ and customer job on the check till I get the total due.
The income shows up on the invoice I send to the customer, no problem.

The problem I have on this statement is that I have a check of $739 going back to Dean. And a premium check coming to me for $270.96 from the company.

The problem is I'm not currently writing a check of $214.64, $38.70 or $140.80 to the insurance company now, so I don't know how to balance Pauls account, Toms account and Calebs account.

I can always issue a credit memo which reflects the money going back to me and going out to the customer.

I very much appreciate the help.

 

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[AroundTheWorld]

Why don't you want to do a journal entry?

 

[Skiboy]

I can't seem to link the customer accounts correctly with journal entries. My numbers/balances work out in my premium and commission account, but the reflection to my customers accounts does not.

Lets say I invoice paul and he pays me. This gives me a credit in my commission account for $37.88 and a credit in my premium account for 214.64.

Know that I'm not writing a check to the insurance company this month. How do I balance this on Pauls customer account. I need to show a 214.64 debit on Pauls account going to the insurance company. But remember I can't write them a check because of the credit on this statement.

For the journal entry I would debit the premium account and reflect Pauls name for the debit entry. But where do I go with the Credit? This money needs to leave my bank account some how?

 

[bflbob]

I've found that when I hit situations like this, it is easiest to create a dummy "transfer" account. Make entries from each client's account to the transfer account in an amount that clears the client account. Then make payments/reflect deposits to the transfer account.

 

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[Skiboy]

Thanks for the help guys, problem solved.

Here is the fix on the quickbooks forum if anyone is interested.

Journal Entry reflecting customer | Intuit Community


Once again thanks for the ideas.