Hi Michelle - I'm not sure exactly what you mean by this. If you'd like, you can schedule a free 25min consult with me here: bit.ly/3ULmoi9

If a payment is being immediately deposited into your bank account, then when you use the "Receive Payment" transaction to record the payment, you can set the "Deposit To" account in the header of the transaction to be the bank account (instead of undeposited funds).

@@LearnBookkeepingToday Thanks. What are some of the other reasons that money would end up in “undeposited funds”? Is that maybe a flow through account for all customer payments?

Yes, you can think of it as the intermediary when a customer has initiated payment but it hasn't hit your bank account yet. For example, even ACH payments can take a day or two. Sometimes bill.com seems to hold onto payments for up to 5 days after someone initiates it. "Undeposited Funds" is where these payments sit when you want to record that payment has been initiated but not yet reached the actual account.

I would always suggest creating either an Invoice or a Sales Receipt to record revenue transactions, even if you're creating it after the fact.

Hi Toby - That's right: For Company B, you post the Office Supply Expense as being paid from a "due to/from Company A" credit card-type account. Then this liability should match the "due from Company B" asset on Company A's books.

Hi Tyson, in general a QBO account is tied to 1 business/dba. So unfortunately, to my knowledge, you can't create multiple invoice templates with different business names.

@@LearnBookkeepingToday Thank you for your response. I think the only workaround I have found is to use a third-party company like Square for invoicing and payments. I can integrate Square to import the payment back into Quickbooks to keep everything under one business. It's not ideal, but I am hoping it will work.

Hey again Tyson - I realized after posting my reply that there *might* be a workaround here after all. You may be able to use Locations to display a different business name on Invoices. When you create a new Location, there is an option to show a different name on invoices. Using Location tracking this way would also let you view a P&L for each line of business, as long as you tag each relevant transaction with the Location.

Hi Toby - Thanks for your question! Which personal account someone uses is not relevant to the business bookkeeping, so it doesn't matter if he used his checking account, personal credit card, or venmo. The process is the same as what I show in this video: You will set up a "Due to Owner" account in the chart of accounts as a Credit Card. Then record the 7 payments to the contractor as Expenses posted to that "credit card." This will now show that the business has that liability balance to pay back the owner. The payments out of the business checking account should then post against this "Due to Owner" "credit card," reducing its balance back to $0 and reflecting that the business paid him back.

@@LearnBookkeepingToday , thank you AJ for taking time out to respond and show that I can use the same approach that you shared in the video. Thanks also for your videos.

Thanks Rodney!

Hi Alison - it’s hard for me to say what’s going on here without really seeing it. If you’d like to set up a consultation to look at it together, feel free to email me at [email protected]!

Hi Angela - It’s a little hard for me to say what’s going on based on this comment alone. But if you are saying that you have a Deposit that is posting directly to Income, then this is the issue. The customer Payment should be added to the Deposit, not a “manual” row posting to Income.

Hi Reagan - I assume you are talking about importing bank transactions in QBO. It is probably prompting you to set a transaction as a “credit card payment” when you are trying to just post it to Gas And Fuel Expense. Is that right? To allow you to post it this way, you should click over to the “Categorize” option for importing this bank transaction.

I believe you need to at least be using QBO Plus to access Classes and Locations

Hi Marvin - If you are properly matching a deposit in the bank feed with a payment, the payment will be removed from ‘undeposited funds.’ Are you sure you are matching the payment? Please feel free to email me some screenshots or more details, and I’ll see if I can help: [email protected]

Hey Sean - Sorry for the delay here. In this case, you should enter a Credit Memo for the customer, either using the same Product/Service that you originally used to bill the customer, or using a Product/Service that posts to Bad Debt Expense.