QB Issue Resolution:

This is complicated for a lot more reasons that you think. And I’m going to do my best not to be too accounting geeky on it.

 

My understanding of the collections business is that your husband somehow acquires the right to attempt to recoup this debt payment from the debtor on behalf of his clients. And he gets a 25% cut. My explanation to follow will be based on my understanding. So, if I’m wrong stop reading and simply correct me.

 

Because of the high risk of uncollectibility it is best not to accrue a liability (debt or loan) for each debtor. Because the risk is simply too high. In a weird way it is almost like a loan on consignment, so think of it more like inventory. The cash received would be 75% cost of goods sold, and 25% net income. But only after the cash is received.

 

Here is an article discussing how to handle consignment inventory, and eventual sale. Simply supplement the word Consignment” for “Collectible debt” or whatever makes the most sense for your business.

 

https://www.accountexnetwork.com/blog/2012/05/consignment-goods-with-quickbooks/

 

Resolution for Issue 'How to post payments from debtors' available: Yes (Solved).
Source: Intuit Community forum.

How to post payments from debtors: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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