QuickBooks Online: Recording Income & Bank Deposits

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To setup a 30-day free trial of QuickBooks Online and then 30% off for 12 months: www.quickbooksoffer.com/?cid=i...
E-mail Hector your questions hector@garciacpa.com
You can take my full 4-hour course in LinkedIn Learning with a 30-day free trial:
/ quickbooks-online-esse...
Other Videos:
-Getting Started Tutorial: • How to use QuickBooks ...
-Setup & Run Payroll: • QuickBooks Online 2024...
-Navigation & Customization: • QuickBooks Online 2024...
-Customize your Invoice/Estimate Templates: • QuickBooks Online 2024...
-Connect your Banks / Download Transactions: • QuickBooks Online 2024...
-How to Categorize Expenses: • QuickBooks Online 2024...
-Reporting Basics: • QuickBooks Online 2024...
-Desktop to Online Conversion: • QuickBooks Desktop to ...
-Setup 1099 Contractors: • QuickBooks Online 2024...
-Standard Chart of Accounts: • QuickBooks Online 2023...
-Categorizing Dowloaded Transactions: • QuickBooks Online Tuto...
-Bank Feeds & Bank Rules (Full Tutorial): • QuickBooks Online 2024...
-Bank Reconciliations: • QuickBooks Online: How...
-Income with Accounts Receivables: • QuickBooks Online 2024...
-Recording Income with Deposits: • QuickBooks Online: Rec... *THIS VIDEO*
-Managing Sales Tax: • QuickBooks Online: Sal...
-Entering Transactions paid in CASH: • QuickBooks Online: Ent...
-Doing 1099 Forms: • QuickBooks Online 2024...
-Setting Up Payroll: • QuickBooks Online PAYR...
Official QuickBooks Online 2024 Tutorials Playlist:
hectorgarcia.com/qbo2024
Table of Contents:
00:00 Intro (and differences between A/R Workflow)
00:43 Deposit Transaction
03:43 Tracking Customers in Deposits
06:57 Recording Deposits within the Bank Register
09:32 Sales Receipts (track product/service details)
13:51 Recording Income from Bank Feeds
17:44 Using Journal Entries to Record Income
18:48 Income Reports

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Опубликовано:

27 июн 2024

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Комментарии : 50

@harriettedawson7072 4 месяца назад

Thank you for being very thorough Mr. Garcia. 😊

@HectorGarciaCPA 4 месяца назад

My pleasure!

@belindabrown9680 4 месяца назад

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

@HectorGarciaCPA 4 месяца назад

Yes you can!

@user-ov2qd4lq7e 3 месяца назад

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 3 месяца назад

Great

@lorip1435 28 дней назад

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

@HectorGarciaCPA 28 дней назад

Thats the idea! Thanks

@yashgamingsingh523 3 месяца назад

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

@HectorGarciaCPA 3 месяца назад

Great

@olatunjiolusegunolumide7364 4 месяца назад

Thanks Mr Garcia.

@HectorGarciaCPA 4 месяца назад

@beatricemoore644 4 месяца назад

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 4 месяца назад

Now you know…

@GordonJohansen 2 месяца назад

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 2 месяца назад

You welcome, very similar

@junaidahmed4424 4 месяца назад

Thanks for sharing this valuebale content

@HectorGarciaCPA 4 месяца назад

My pleasure

@amandamyers5478 3 месяца назад

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 3 месяца назад

I dont

@psanimes499 2 месяца назад

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 2 месяца назад

Send it back to Accounts receivables

@LisaMitich 2 месяца назад

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 2 месяца назад

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

@yshangot1009 Месяц назад

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 Месяц назад

Not in the plans to make such a video

@mochehrzad9077 2 месяца назад

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

@HectorGarciaCPA 2 месяца назад

Not doing any new QB Desktop videos

@kloverend 2 месяца назад

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 2 месяца назад

Deposits are not ideals for tracking sales by Customer

@chytealthedeal 3 месяца назад

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

@HectorGarciaCPA 3 месяца назад

Match them

@chytealthedeal 3 месяца назад

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

@bangelb3 27 дней назад

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 27 дней назад

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

@wendymahon9242 2 месяца назад

how do you sort out duplicate invoices after reconcilliation

@HectorGarciaCPA 2 месяца назад

Delete the duplicate

@wendymahon9242 2 месяца назад

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 17 дней назад

What if the deposit includes sales tax??

@HectorGarciaCPA 17 дней назад

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

@ishkabibble-oj1oi 3 месяца назад

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 3 месяца назад

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

@EmeRoseBautista Месяц назад

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

@terriholley4555 11 дней назад

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

@leannp4680 10 дней назад

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.