GE Fleet Discount

[katie042]

I may have asked this question previously. Our GE Fleet discounts show up on the Cash Summary report as income, and I thought someone had mentioned that you remove this amount at the end of the year as income received. But my question is, if this shows up as income, I think we are being taxed on this amount also. Can someone help. Thank you

[ricmorin]

I don't have any taxes, but this is how I handle GE Fleet.

It is a pay type in Manager. We apply the main payment as an electronic fund transfer and the balance gets charged off as GE Fleet (payment). In QB, I enter the original amount as a deposit (sales) and the charge off amount as a negative deposit filed under Bank Service Charges.

[katie042]

Thank you. I will do that. I have another question. I was posting a GE Fleet payment, the way that I currently do. However, I posted it all under discount. Is there a way to fix that. Thanks

[ricmorin]

Yes. Delete the first payment and then apply the correct payment.