QuickBooks Online: Recording Income & Bank Deposits

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  • čas přidán 29. 06. 2024
  • 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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Komentáře • 50

  • @harriettedawson7072
    @harriettedawson7072 Před 4 měsíci +3

    Thank you for being very thorough Mr. Garcia. 😊

  • @belindabrown9680
    @belindabrown9680 Před 4 měsíci +3

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

  • @user-ov2qd4lq7e
    @user-ov2qd4lq7e Před 3 měsíci

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

  • @lorip1435
    @lorip1435 Před měsícem

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

  • @yashgamingsingh523
    @yashgamingsingh523 Před 3 měsíci

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

  • @olatunjiolusegunolumide7364
    @olatunjiolusegunolumide7364 Před 4 měsíci +1

    Thanks Mr Garcia.

  • @beatricemoore644
    @beatricemoore644 Před 4 měsíci

    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.

  • @GordonJohansen
    @GordonJohansen Před 2 měsíci

    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.

  • @amandamyers5478
    @amandamyers5478 Před 3 měsíci

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

  • @psanimes499
    @psanimes499 Před 2 měsíci

    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

  • @junaidahmed4424
    @junaidahmed4424 Před 4 měsíci

    Thanks for sharing this valuebale content

  • @LisaMitich
    @LisaMitich Před 2 měsíci +1

    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
      @HectorGarciaCPA  Před 2 měsíci

      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
    @yshangot1009 Před měsícem

    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 !

  • @chytealthedeal
    @chytealthedeal Před 3 měsíci +1

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

    • @HectorGarciaCPA
      @HectorGarciaCPA  Před 3 měsíci

      Match them

    • @chytealthedeal
      @chytealthedeal Před 3 měsíci

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

  • @bangelb3
    @bangelb3 Před 29 dny

    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
      @HectorGarciaCPA  Před 29 dny +1

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

  • @mochehrzad9077
    @mochehrzad9077 Před 2 měsíci

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

  • @kloverend
    @kloverend Před 2 měsíci

    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
      @HectorGarciaCPA  Před 2 měsíci +1

      Deposits are not ideals for tracking sales by Customer

  • @wendymahon9242
    @wendymahon9242 Před 2 měsíci

    how do you sort out duplicate invoices after reconcilliation

    • @HectorGarciaCPA
      @HectorGarciaCPA  Před 2 měsíci

      Delete the duplicate

    • @wendymahon9242
      @wendymahon9242 Před 2 měsíci

      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
    @justme97 Před 19 dny

    What if the deposit includes sales tax??

    • @HectorGarciaCPA
      @HectorGarciaCPA  Před 19 dny

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

  • @ishkabibble-oj1oi
    @ishkabibble-oj1oi Před 3 měsíci +1

    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
      @HectorGarciaCPA  Před 3 měsíci +4

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

    • @EmeRoseBautista
      @EmeRoseBautista Před měsícem

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

    • @terriholley4555
      @terriholley4555 Před 13 dny

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

    • @leannp4680
      @leannp4680 Před 12 dny

      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.

  • @user-uu7kc6vx3h
    @user-uu7kc6vx3h Před 2 měsíci +1

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

    • @HectorGarciaCPA
      @HectorGarciaCPA  Před 2 měsíci

      Strange question

    • @user-uu7kc6vx3h
      @user-uu7kc6vx3h Před 2 měsíci

      @@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
      @HectorGarciaCPA  Před 2 měsíci

      @@user-uu7kc6vx3h i try to answer questions related to the content of the Channel only. So, not going to engage in this question