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Things you may not know about entering your income into QuickBooks

37 ratings | 16747 views
If you are not clear about the best way to enter your income into QuickBooks - using sales receipts, invoices, or deposits - this might help!
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Text Comments (14)
kakande abdulbasiti (9 months ago)
Hi Penny, thanks for the video its educative. I however want to seek your guidance, I received a part payment from one of our customers. I used the receive payment feature and later deposited it in bank account using the deposits feature. But this amount I deposited doesn't reflect in the P&L statement. I there anything wrong? Thank You in advance
kakande abdulbasiti (9 months ago)
Hi Penny, thank you for your kind response and the link. It was really helpful. I understand the concept now. Thank You 10000 times
Penny Lane Crull (9 months ago)
This article might help: http://www.jobcosting.com/cash-vs-accrual-based-accounting%E2%80%A6-what-does-it-mean/
Penny Lane Crull (9 months ago)
Hi Kakande: What this shows on your P&L depends upon whether you are running a cash or accrual based P&L. Accrual based reports will show the income as of the invoice date, cash based reports will show the income on the date of the payment receipt.
Madeley Mena (1 year ago)
Thank you!!! This was so helpful!!!
David B. Failey (1 year ago)
Ms. Penny, this video is very useful to me. Excellent!
Penny Lane Crull (1 year ago)
Thank you, glad you found it helpful!
Shannon Hunter (3 years ago)
Great video series.. Question on how to enter income. We have a cleaning business and the franchise and the franchise bills the customers and sends us payment monthly minus royalties. Since we service 50+ customers a month we don't want to list them out individually. How would you book this entry? So income and royalties both need to be booked. Thanks
Tom Warburton (3 years ago)
Hi Penny How would I enter wages I receive from a separate job I do, which I pay National insurance and income tax on.
Penny Lane Crull (4 years ago)
Hi Mark: If you deposit the coin sales into your bank, you can simply record them as a deposit and on the deposit form the "from account" should be an income account.  That will definitely do it. 
Mark Hasan (4 years ago)
Hello, I have a laundromat so for income I just need to add coin sales.  How would I add coin sales income so that it's reflective on the Profit and Loss report?  I've added the income in a few different places, but the income doesn't appear when I run the P & L report.  Thanks for your help!
Darren Francis (5 years ago)
Very clear and useful tips especially for someone not with an accounting background.
rodinian100 (5 years ago)
Thank you very much! Brilliant video!
Thanks for this very informative video.

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