Hi I was just wanting to know is there a particular way you enter a payment from a Debt Collection agency against the customer owing the monies.
I always receipt the against the customer invoice but deposit it instead to a holding account. I can then use the holding account to write a cheque to the agency for their fees and deposit the net to the business bank account. Of course it depends on how the agency gets paid. In most cases you have to assign the debts to them so they take their fee before remitting the balance. Be careful to check for GST in the fees they charge as well. I hope this helps Karen.