Occasionally we receive a payment that does not result from us invoicing someone, and the payment is net of some specific charges deducted from the gross, and I haven't found a way to treat it as a "deposit" ... so I need to create a JE to make the entry. I would prefer to make a deposit so it would be included when I print a deposit report at the end of the month.
Specifics: Suppose we partner with someone to hold an event for which tickets are sold and food & alcoholic beverages are made available. We agree to do the advertising and provide volunteers to man the event, as well as pay for some extra expenses (security services, entertainment, etc.) The partner arranges for ticket sales net of fees and net of food & beverage costs. They will then send us a check less the identified fees. To enter the gross revenue of the event, I would need to debit cash for the net payment, but I should be recording the gross revenue and the expenses to get to the net ... but I can't figure out how to do this in Bank Deposits.
---Example
Gross Revenue GL 100,000
Less Ticket Fees -1,000
Less Foo & Beverage -5,000
- Net Payment Rcvd 94,000
You might say "Just go ahead and create an invoice to the partner for the revenue with deduction lines for the items to reduce the payment", but we don't know what the total is until we receive the breakdown from the partner along with the check. Yes, we could, at that point, create an invoice, but that just seems so "QuickBook-ish" to require the need to do something extra that shouldn't be necessary in order to make the deposit entry for the check received. So I have been making a JE to impact the GL accounts appropriately but I feel like I should be able to make a Bank Deposit that would allow the distributions to be made and for the net amount received to appear on the Bank Deposit report at the end of the month. What am I missing? Is it possible to generate all the GL impacts from the Bank Deposit entry, or is this something that QB assumed would never happen?
