Customer Payment Journal Entries

After the transaction is recorded and the customer documents are completed, there is a couple of journal (backoffice) entries to make to record for tax, etc.

This is also where to pickup from if a balance is showing in the HNRY Clearing account.

• In Zoho Books, click on the heading 'Banking'
• In the account list, locate HNRY Clearing. Confirm that this account has a balance, if not, no need for these transactions.
• Click on the account name 'HNRY Clearing'. This will take you to the account dashboard.
• To make the first entry, click the 'New Transaction' button, and then 'Expense'.
• On the New Expense window, ensure that the below are completed;
  • Expense Account - Select 'Income Tax expense' from the options.
  • Vendor - From the dropdown, choose 'Australian Taxation Office'
  • Date - Enter the date that the related incoming payment was received. This can be found on the HNRY Payslip under 'Paid on'
  • Amount - Enter the total of the fields 'Income Tax', 'Student Loan' and 'Medicare Levy' from the HNRY Payslip
  • Customer - Select the relevant customer name that the payment was received from.

Select 'Submit'

• Navigate back to the account dashboard for the HNRY Clearing account.
• Select 'New Transaction' and 'Transfer To Another Account'. This will open the New Transfer To Another Account window.
• From the new window, ensure the below fields are completed;
  • Confirm that the 'From Account' is prefilled as HNRY Clearning.
  • To Account - Select 'NAB Business Account' from the options
  • Date - Enter the date of the original received payment from the HNRY Payslip.
  • Amount - It should be the remaining balance, but just to check, it'll be the amount shown on the HNRY Payslip under 'Income After Tax'
• Click on submit

Income from Other Sources (non-customer payments)

Periodically, there may be amounts received for royalties or licensing from entities such as APRA-AMCOS or a digital distributor (such as GyroStream, DistroKid, etc.).