Quickbooks (Tracking Court Ordered Payments) - Engraving Etc. Forum

<body> <h1>Full Version: <a href="https://www.engravingetc.org:443/archive/index.php?webtag=EE&msg=2774.2">Quickbooks (Tracking Court Ordered Payments)</a></h1><a name="a2774_2"></a><p><b>From: UncleSteve</b> [<a href="lmessages.php?webtag=EE&msg=2774.2">#2</a>]<br /> 21 Jan 2006<br /><b>To: Stunt Engraver (DGL)</b> [<a href="lmessages.php?webtag=EE&msg=2774.1">#1</a>] 21 Jan 2006</p> "Assuming" this overpayment was paid by your company and not a personal transaction.....<br /> <br /> You will be collecting for 160 months IF they live for 15 years!!!<br /> <br /> I would not set this up in your company file. I would create a new company to just track this receivable. Then, on an annual basis, transfer the amount to the business account as miscellaneous income.<br /> <br /> You say it is not taxable, but how did you account for the initial expense on the company books? If you used your cost of goods sold account, it reduced your taxable income in the year paid. It, therefore, will be taxable in the years received as it reduces your COGS and increases your profit...<br /> <br /> If you want to chat offline (on Skype?), it would be my pleasure.<br /> <br /> <hr /><a name="a2774_3"></a><p><b>From: Stunt Engraver (DGL)</b> [<a href="lmessages.php?webtag=EE&msg=2774.3">#3</a>]<br /> 21 Jan 2006<br /><b>To: UncleSteve</b> [<a href="lmessages.php?webtag=EE&msg=2774.2">#2</a>] 21 Jan 2006</p> Steve,<br /> <br /> It wasn't a business transaction.<br /> <br /> I'm a sole proprietor and pay all bills from one account, even though business/personal transactions are categorized separately in Quickbooks.<br /> <br /> I'll probably set up another company in Quickbooks to track this activity and keep it away from my DGL-related transactions.<br /> <br /> Thanks for the suggestion. <hr /><p align="center">Show messages: <a href="lmessages.php?webtag=EE&msg=2774.1">All</a>  <a href="lmessages.php?webtag=EE&msg=2774.1">1</a>  2-3</p> <h4><a href="lthread_list.php?webtag=EE">Back to thread list</a> | <a href="llogout.php?webtag=EE">Login</a></h4> <h6>© 2025 <a href="http://www.beehiveforum.net/" target="_blank">Project Beehive Forum</a></h6> </body>