I need to track income from a couple of different gigs and wanted the simplest way to do it. I was getting frustrated trying to figure out how to do it with QuickBooks (which we had for a different business) and this video helped TREMENDOUSLY! Thank you!
thanks for your videos! i get a few large invoices a year that are tax exempt, just need something simple to track it for tax professional. i entered direct deposit in two ways.. one way i had which was to open the banking account and just enter in the deposit and link it to the income account. the other way as you described by first clicking on "make deposit" and then doing basically the same thing. i like entering by using bank account entries rather than "make deposit" because i can enter in both payments out of bank and income into bank by reading the bank statement really quick. just read the statement which has both payments and income and enter in what you see.. no need to search around for "make deposit" or "make payment" buttons
Hi Candus! Your video tutorials have been really helpful. We own a small restaurant, and right now we only use the bank download and check register to figure out our profit and loss for the year, then we give the profit/loss statement to our accountant for taxes. Here is my question though. We make a weekly cash deposit into checking for all our sales for the week. This deposit includes the sales tax of 7% that is charged and collected from our customers. I have been choosing sales income in the account section on the register, so of course, on the profit and loss statement it shows as income. We write a check to the state treasury at the end of the month for that 7% that we charged our customers. On that bank transaction (the sales tax check we write), I list it as Sales Tax Payable as the account but it doesn't come off the total income number on the P&L statement, it still shows that same total which included that 7% tax, and we don't want to pay federal taxes on that, just the actual cash and credit card income. Sorry for the novel. I am so confused, and after five years and much research, I have yet to figure this out. Your expertise would be greatly appreciated :)
regarding the way you showed a refund. . . . is a Journal entry another way? I have always used this way. Debit being the account it is going into and the credit is the Expense account used when I made the purchase
Hi Pakhtoon, Thank you for reaching out to us. I just added your question to our list. Candus uses the questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips. If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/ Have an amazing day! Elaine -Team Candus
I need to track income from a couple of different gigs and wanted the simplest way to do it. I was getting frustrated trying to figure out how to do it with QuickBooks (which we had for a different business) and this video helped TREMENDOUSLY! Thank you!
Yay! Glad it helped you Karisse!
Elaine
Team Candus
thanks for your videos! i get a few large invoices a year that are tax exempt, just need something simple to track it for tax professional. i entered direct deposit in two ways.. one way i had which was to open the banking account and just enter in the deposit and link it to the income account. the other way as you described by first clicking on "make deposit" and then doing basically the same thing. i like entering by using bank account entries rather than "make deposit" because i can enter in both payments out of bank and income into bank by reading the bank statement really quick. just read the statement which has both payments and income and enter in what you see.. no need to search around for "make deposit" or "make payment" buttons
Awesome! Glad it worked for you!
Elaine
Team Candus
Hi Candus! Your video tutorials have been really helpful. We own a small restaurant, and right now we only use the bank download and check register to figure out our profit and loss for the year, then we give the profit/loss statement to our accountant for taxes. Here is my question though. We make a weekly cash deposit into checking for all our sales for the week. This deposit includes the sales tax of 7% that is charged and collected from our customers. I have been choosing sales income in the account section on the register, so of course, on the profit and loss statement it shows as income. We write a check to the state treasury at the end of the month for that 7% that we charged our customers. On that bank transaction (the sales tax check we write), I list it as Sales Tax Payable as the account but it doesn't come off the total income number on the P&L statement, it still shows that same total which included that 7% tax, and we don't want to pay federal taxes on that, just the actual cash and credit card income. Sorry for the novel. I am so confused, and after five years and much research, I have yet to figure this out. Your expertise would be greatly appreciated :)
regarding the way you showed a refund. . . . is a Journal entry another way? I have always used this way. Debit being the account it is going into and the credit is the Expense account used when I made the purchase
+Candus Kampfer So glad i found you!.
How I can categories income on QBO enterprise Accountant 2018 please help me
Hi Pakhtoon,
Thank you for reaching out to us.
I just added your question to our list. Candus uses the questions that are submitted to create new QuickBooks tips each month. Please join the weekly tips and tricks to be notified when your question is answered. canduskampfer.com/tips.
If you would like to follow her on Facebook click here: facebook.com/CandusKampfer/
Have an amazing day!
Elaine -Team Candus