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mikelu9661
March 11, 2023
Question

How to record gambling deposits/withdrawal in QBO online

  • March 11, 2023
  • 1 reply
  • 0 views

Hello,

I was wondering how do you record transaction going out of our credit card/bank acct/etc & going in. From what i found online is that all transaction going into my bank/financial account will need to be categorized as regular income (assuming other income & not sales income) transaction regardless of loss/profit within that. Then I will need to separately record the losses as an deduction expense and make sure it's itemized and not a standard deduction as I found that you cannot standard deduct gambling losses. if all this is true, my one question is how should i record/categorized money going out when doing the books each month since im categorizing all money going in as income transactions. 

 

Thank you

 
 

1 reply

C
Carneil_C
March 11, 2023

Hi there, mikelu9661. 

 

To record a withdrawal or any transaction from your credit or bank account in QuickBooks Online, we can record it as an expense. 

 

However, I suggest seeking professional advice from your accountant before doing the process. They know the best steps to handle these transactions. 

 

To create an expense, here's how:

 

  1. Go to + New > Expense.
  2. In the Payee drop-down, you can create a vendor or leave it blank.
  3. Choose the bank connected to online banking from the Payment Account drop-down menu.
  4. Select the Payment date.
  5. In the Category details section, choose the bank and enter the test deposit in the Amount field.
  6. Click Save and close.

 

For a more detailed step-by-step procedure for recording, editing, and deleting expenses in QBO, you can read this article: Enter and manage expenses in QuickBooks Online.

 

I'm more than willing to help if you have any other QBO-related concerns. I'll ensure your needs are taken care of. 

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