QuickBooks Online: Recording Income & Bank Deposits

[@belindabrown9680]

I didn’t realize how many ways you can enter deposits in the QB online. Great 👍🏽 video

[@HectorGarciaCPA]

Yes you can!

[@harriettedawson7072]

Thank you for being very thorough Mr. Garcia. 😊

[@HectorGarciaCPA]

My pleasure!

[@rainedeleon937]

I am also a doubter of myself when it comes to categorization and deciding things about transactions. But you make my bookkeeping life bearable and doable. Thank you, thank you.

[@HectorGarciaCPA]

:) Glad its helpful

[@GordonJohansen]

This has been a great series as I get ready to switch from Desktop to Online. I can see that it has improved a lot over the last bunch of years. I still hate the fact that they now charge for each company or divisional set of books but all it means is that I will switch to Wave or use desktop without downloads for my minor operations. Desktop is just becoming unaffordable as a subscription. You have made me much more comfortable about the switch. Thank you. I just hope that the Canadian version works the same way.

[@HectorGarciaCPA]

You welcome, very similar

[@ORESanAtanasioOREStAthanasius]

Hector, so happy to have found you, you have cleared up some of my doubts. I thank you for your way teaching. Many blessings.

[@HectorGarciaCPA]

Great

[@AilynF-wh6he]

Hi Hector, if we will recoord deposit direct to income account, what will be the entry on Sales Invoice that is usually required by customers. Thank you

[@claytoncraft-i2z]

I would like video on inputing POS to sale receipt

[@HectorGarciaCPA]

Interesting, next time a have a client with a good example, ill do it

[@LisaMitich]

I have a question...So do you need to manually record the deposits if your bank account is linked and automatically records all income and expenses? Or do i just need to categorize the transactions after they're automatically recorded. Also, if I deposit checks into the bank, do I need to record it in quickbooks or does it automatically record it? Thanks!

[@HectorGarciaCPA]

It could be automatically set based on the bank feed using rules. Sometimes you enter by hand, and others you use bank feeds. Depends on the situation, in either case you need to understand how it works

[@NicoChen-g7i]

Great video! It's really helpful and does clarify me with some issues I was facing with during the bookkeeping! Thank you Mr. Garcia!

[@HectorGarciaCPA]

Great

[@amandamyers5478]

Love it! I think I could up my Short Term Rental bookkeeping now - do you have video's that pertain to Airbnb/VRBO etc?

[@HectorGarciaCPA]

I dont

[@vdpeer]

Always fill in the customer field, always.

[@HectorGarciaCPA]

@@vdpeer yeah

[@chytealthedeal]

How would I deal with Mobile Deposits and ATM deposits that show up automatically on the bank feed?

[@HectorGarciaCPA]

Match them

[@chytealthedeal]

@@HectorGarciaCPA Easy thanks 🤪. I thought I would have to make a deposit for them or something.

[@kloverend]

Without a sales receipt then I have seen that you can't track customers in the customer center. Is that incorrect? Maybe I am doing something wrong then?

[@HectorGarciaCPA]

Deposits are not ideals for tracking sales by Customer

[@psanimes499]

Such a great video, can I ask how to categorize a bounced check of a customer that I recorded a received payment through account receivables? TIA for answering

[@HectorGarciaCPA]

Send it back to Accounts receivables

[@sherr24_sherr]

I work for a construction company and every Friday I record the weekly company check between $10k-$15k. This check is basically the funding for projects such as material, labor, supplies, etc. how would you categorize this income. As a service? We work under a company as we are only one segment of the construction building. This company is not a customer. How would I categorize the company we work for that gives us this weekly check? Is there another option besides customer?

[@HectorGarciaCPA]

Its an intercompany loan, so its a liability

[@explorersparadise4151]

The explanation above, is it bookkeeping or accounting? I'm a little bit confused

[@HectorGarciaCPA]

Both… same thing

[@yshangot1009]

Hello Hector, can you also make a video about clearing undeposited funds? There are square deposits that are still sitting on my undeposited funds but reconciled in the bank register already. I think there are duplicate deposits happen or the deposit from the banking screen was added and not matched to the sales receipt recorded in QuickBooks. Can you help me fix it? or can you make a tutorial video about it? That would be awesome if you do. Thank you !

[@HectorGarciaCPA]

Not in the plans to make such a video

[@mochehrzad9077]

I would like to see these videos for QB desktop, if it is possible. Thanks

[@HectorGarciaCPA]

Not doing any new QB Desktop videos

[@faithgift8320]

Hello Hector thanks for this i have a question how do you deal with payments that the business owner has made through his personal money /account

[@HectorGarciaCPA]

This video QuickBooks Online: Unapplied cash payment income / expense (Cash vs. Accrual) kzbin.info/www/bejne/eofZeaNpptmKopI

[@faithgift8320]

@@HectorGarciaCPA thanks

[@yashgamingsingh523]

Thanks you very much Mr.Garcia and i have seen most of video and updated my self 💗💞💓

[@HectorGarciaCPA]

Great

[@bangelb3]

Hola Héctor, gracias por tus videos, son de gran ayuda. Tengo una pregunta, por ejemplo: Recibo un depósito de $200 de un cliente el cual está pagando $150 por mi servicio y los $50 restante son el pago de un servicio prestado por un 3ro, es decir esos $50 no son Income de mi compañía, como debería manejar esto? Se que lo ideal seria que esta persona pagara directamente a esta otra compañía, pero no fue posible, en su lugar mi compañía sirvió de intermediario y pago ese servicio. Gracias de Antemano.

[@HectorGarciaCPA]

Ponlo como income.. y despues el pago al Tercero como income tambien, se netea

[@lorip1435]

This video is extremely helpful in so many ways. Thank you very much!!

[@HectorGarciaCPA]

Thats the idea! Thanks

[@mazalmakalski3653]

I don't understand In what cases we record income under Sales Receipts? Thanks

[@HectorGarciaCPA]

@@mazalmakalski3653 when the invoice and payment is recorded simultaneously

[@olatunjiolusegunolumide7364]

Thanks Mr Garcia.

[@HectorGarciaCPA]

:)

[@Maria.f99]

Why isn’t a JE the recommended way to record income?

[@HectorGarciaCPA]

Because there are natural transactions like Invoices; Payments, Depoists

[@beatricemoore644]

Thanks, This is very informative. I can see where this will be helpful for me tracking income. I can actually think of a couple times I could have used this knowledge before- LOL.

[@HectorGarciaCPA]

Now you know…

[@TimothySprague-d7f]

Hello Hector..my name is Tim..can you tell me what you typically eat for dinner?

[@HectorGarciaCPA]

Strange question

[@TimothySprague-d7f]

@@HectorGarciaCPA Whats strange is I asked something direct and you didn't give me a direct answer, Hector. Now, what is your favorite food, sir?

[@HectorGarciaCPA]

@@TimothySprague-d7f i try to answer questions related to the content of the Channel only. So, not going to engage in this question

[@wendymahon9242]

how do you sort out duplicate invoices after reconcilliation

[@HectorGarciaCPA]

Delete the duplicate

[@wendymahon9242]

If I do that will it knock my reconcillation out. I have already reconcilled. I have only done Jan and Feb reconcillation. Is there a way I can start from Jan again. One duplicate is in Jan and Two in Feb. I put them in as bills them stupidly added them from the bank feed. @@HectorGarciaCPA

[@justme97]

What if the deposit includes sales tax??

[@HectorGarciaCPA]

You need to create an invoice or sales receipt to account for sales tax properly

[@junaidahmed4424]

Thanks for sharing this valuebale content

[@HectorGarciaCPA]

My pleasure

[@MuhammadShahid-ur1hs]

great tutorial. thanks...

[@HectorGarciaCPA]

:)

[@benbanafo3790]

Thank you

[@HectorGarciaCPA]

:)

[@ishkabibble-oj1oi]

Im starting a business but all this is beyond rediculous. I'm finding it will be alot easier just to save receipts in a shoe box, deduct them from my deposits and whats left is my income. All this is time wasting semantics.

[@HectorGarciaCPA]

as a startup, yeah it feels ridiculous vs. using a spreadsheet. But as your business grows, you will change your mind :)

[@EmeRoseBautista]

Hi @ishkabibble if you are in need of someone who will manage your quickbooks, just let me know.

[@terriholley4555]

Good luck when you go to file your business tax return 😊

[@leannp4680]

I'm cleaning up our books after a year and a half of not being organized and doing things the right way. I want to burn that shoe box of receipts! Working backwards is for dummies lol Learn to do it right the first time, you will either pay with time or money.