Depositing Income in fastest bookkeeping with QuickBooks Online

 

Depositing Income in fastest bookkeeping with QuickBooks Online 

would you like to be able to record depositing the income that you earn from customers. well in this articles of QuickBooks online fastest bookkeeping start from Crash.   you will learn how to record deposits from the customers you serve.

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Depositing Income From Customer

That come out all the time customers pay you by check, cash, credit card, swipe   or even direct deposit but ultimately the money winds up in the company bank account.   They pay you for some service you provided to the customer that's the reason this deposit represents Earned income. use the deposits window to record the: customer name, amount of money and income account that relates to that deposit. individual items of service or product   are not relevant when doing fastest bookkeeping in the very summarized way that we're learning about in this article.

Transaction # 1

 on January 1,  2022  Alen paid Vanda $2000 for video services the funds were directly deposited into the bank account.   

So what will be the results?  after we record this very first deposit well right now your trial balance is empty but if you physically deposited two thousand dollars into your bank account,   that means that the cash and chase bank will show up in the trial balance for the very first time   in the amount of two thousand dollars and if the reason we earned that two thousand dollars is   providing a video service then video income will also show up in the trial balance in the amount of   two thousand dollars. 

Let’s take a look at how to record it. We record all transactions from the top left in the new plus sign menu. when we click we go to the column of other and click bank deposit. Bank  deposit even though the money was received from a customer since we are doing it in the minimum way.  

Transaction #1  Posting

We will click bank deposit and you simply put in the information one by one notice QuickBooks chose   the correct bank type of account to deposit the money into and we are going for january 1 of 2022.   So we received the money from customer alen arby and the reason we received the money is earned Video income and in each of these cases we just click the pull down arrow  to make the choice we need to make for bank account name and account in the general ledger  That represents the money we earned, Then all we have to do normally we would put a description, we would put if we got cash or check,   we'll just put cash for now and we'll imagine it was directly deposited to the bank account of fastest bookkeeping there would normally be a transaction number but the amount is 2 000 and at the moment let's just pull this up a little higher so you can see we can choose save  and new or save and close. 

Report Analysis

Let's check the results when we click reports  and we go to custom and trial balance lo and behold cash in bank shows up for 2000 exactly.   as what we predicted and Video income shows up for two thousand exactly as what we expected.   

Transaction # 2

On january 2, 2022 alen paid vanda  $1000 for editing services and again the funds were directly deposited into the bank account.   

what will be the results well if this is what the trial balance looks like before that transaction   and we just put an additional thousand dollars into the bank account then cash and chase bank   becomes three thousand dollars and because this is the first time that we have earned editing income.   editing income will show up on the trial balance for the very first time as a thousand dollars.  

Transaction #2 Posting

We'll record it the same way click new bank deposit put the date the money went into the bank   click under received from then click the arrow and choose betty boop.   click the pull down arrow for account and choose editing income now in a real situation.   we might have more uh details about these three pieces of data but let's skip over to amount push tab and now we have an amount for a thousand dollars and now we can click save and close. 

Report Analysis

You see the results and the trial balance are exactly as what we expected. Now let's see what the results look like in the other reports. If we click reports and stay in the custom report section you can click transaction list by customer and you can see there was one deposit from allen on january first and one deposit from betty on january 2nd and you can see   the dates and amounts separated by customer. if you click reports and then you click profit and loss you will see the two individual income accounts with whatever balance was showing originally  back over in the trial balance but the difference in the profit and loss   is that it will total the income section to tell you the total income and later it will tell you   the total expenses even though the individual numbers are listed back over in the trial balance. Now let's try two more and see what happens. 

Transaction # 3

On january 3rd, 2022  candy gave us 1500 for Video services rendered and it's always deposited into the bank.

 so what   will be the results? well how much did she give?  She gave fifteen hundred specifically for Video Income. so if you have fifteen hundred dollars more in your bank account cash and bank will become  forty five hundred and if you have fifteen hundred dollars more earned in Video income. 

Transaction #3 Posting

Video income becomes three thousand five hundred let's go ahead and record it. so we click new bank deposit   the date is january third received from candy the account in this case is Video income.   Because that's what we earned and the amount we earned and actually deposited push tab that's all you have to do now when you click save and close. 

click reports  trial balance and now you can see the results and the trial balance are exactly as what we expected.  

 Transaction # 4

On january 4th of 2022 alan gave us  2500 for editing services that we rendered and again it's always deposited into the bank.   

so if we got twenty five hundred more specifically for Editing Services.  what will the results become in the trial balance well cash and bank increases by 2500   and becomes 7000 and editing income increases by 2500 and becomes 3500. 

Transaction #4 Posting

we click new bank deposit   january 4th received from alan arby the account was editing income and the amount Two Thousand Five Hundred. now when we click save and close the final numbers in our trial balance are exactly as what we expected them to be before the transaction. 

Report Analysis

Now let's check the other reports and you can see   reports and let's check the transaction list by customer. Now there are two transactions with alan.  so it gives us the total of the transactions this total is an arbitrary number that is not   particularly helpful because this report is simply a list of the transactions by customer.   however if you click reports and go to the profit and loss you can now see that we've earned a total   of seven thousand in income for each of the two thirty five hundred dollar uh money amounts that   are the results of the services that we rendered to the customer. 

What if you made a mistake?

What if you made a mistake? it's very simple to fix. just open the transaction from  the detailed report. change what you want to change and all reports and the numbers in those reports will change immediately. so the quickest way is to go to the detailed report. so transaction list by customer and vendor are two detailed reports. that list each transaction we can open up one of those. Just double click on the one we want to change and as soon as we save that change all reports. results will change with it. 

Let's make a really big change and see what happens. We click transaction list by customer now let's imagine for betty instead of a thousand we put a million. you can always open any transaction that you previously saved by looking at the report. That lists the transaction individually double click anywhere on the line. Right on that transaction and the same window that you used to record that transaction will reopen   and you can make any change you want. you can change the customer you can change the account let's change the money account to a million or 10 million a huge giant absurd number going into editing income and going into the bank account.  

Look what happens when we click save and close the results change immediately not only on this report. Click reports trial balance the numbers immediately change on any report. You can also reopen and fix mistakes and change previously saved transactions from summary reports. 

Like the trial balance or the profit and loss they simply require an extra click.  that were recorded in that account but in any summary you can double click the summary number  and you will immediately get another report that shows the detail of every transaction. That adds up to that summary number you may have to scroll to the right or to the left to see the entire line of  the transaction. 

That's what you're looking at here now if we scroll to the right we can see that   the offending transaction is this one so as soon as we see the mistake in the list of transactions. we can double click and we can change the number right back to what it was now that we made our change we can click save and close.

Immediately when we click reports   trial balance the numbers go back to exactly what they were and   the result of the change happens immediately on all reports. so you are never lost   in QuickBooks online you can always open the relevant report change the transaction   and then as soon as you save it all numbers will fix themselves immediately.