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December 4, 2021
Question

My Facebook Marketplace payments show up as Paypal transfers. How can I get Quickbooks to recognize these as deposits so they report as profit?

  • December 4, 2021
  • 1 reply
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1 reply

MichelleBh
December 4, 2021

Categorizing your Facebook Marketplace payments as a deposit is my priority here, @kbak265472. You're in the right place for a solution. 

 

I'm here to help get the Facebook payments tag as a deposit in your QuickBooks Self-Employed (QBSE). This way, the transaction will report a profit in your account. By doing this, also keep your accounting clean and accurate. 

 

For the downloaded payments in your account right now, I'd recommend tagging as Income. Such that the transaction will show as profit in your company. To do this, follow the steps below: 

 

  1. Go to the Transactions tab on the upper left pane. 
  2. Click the exact payment and choose a transaction type. 
  3. Choose Income as your Category.
  4. Tap Save

 

For more details, check out this article: Categorize transactions in QuickBooks Self-Employed.

 

After that, this payment will show in your Profit and Loss report. See the sample screenshot below for your reference. 

 

Then, for upcoming Facebook Marketplace payments, I'd suggest utilizing our Bank Rule feature. With this function, QuickBooks will automatically categorize these types of transactions for you. All you have to do is review the work. You can even apply new rules to past transactions. 

 

Here's how: 

  1. Go to the Gear icon on the upper right pane and select the Rules
  2. Click Create rule
  3. Enter a Description in the box. 
  4. Select accurate Account and Type in the drop-down. 
  5. In the Category section, choose Income
  6. Check the Also apply to past transactions box (optional).
  7. Hit Save

 

For more information, see this link: Create rules to speed up reviews in QuickBooks Self-Employed.

 

Want to know how to classify transfers and find help with banking flows in QuickBooks? Visit the links below to learn more about the steps:

 

 

My doors are always open for questions you may have regarding your account. Mention my name in the comments section below, and I'll get back to you as soon as possible. Please, don't be too hard on yourself, kbak265472.