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Tips, accounting for

RoKaRoKa Member Posts: 39 ✭✭

I got paid a tip on an invoice. Amount due shows as negative XX. What do I need to do about it ? What account do I put it in ? I am a small business owner, with limited accounting skills. Thanks for your help.

in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @KanataPhotographer.

    You can modify your invoices retroactively, if you need to. So here you could go back to that invoice and add a new item called "Tip" to your invoice, with a price the amount of the tip offered.

    If you keep this tip for yourself, as opposed to putting it into your business, you'll have to then make have to make an expense transaction using "Owner's investment/drawings" as a category, to represent money that you, as the owner, are taking from the business to give to yourself.

  • RoKaRoKa Member Posts: 39 ✭✭

    Thank you very much, finally got to do it and it works beautifully of course.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Happy to help, @KanataPhotographer!

  • maravillamaravilla Member Posts: 5

    Why is it 2022 and there's still not Tip feature?

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