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K
khansford
September 5, 2021
Question

I have an unearned income account. How do I move the income to sales when it is earned?

  • September 5, 2021
  • 1 reply
  • 0 views
I know I need to move it into accounts receivables but don't know how

1 reply

M
mv32
September 5, 2021

Hi @khansford. Let me help you move the income to sales.

 

You can create an invoice when you want to move your income into accounts receivables.

 

Here's how:

  1. On the upper right, click + New.
  2. Select Invoice/Send invoice.
  3. Enter client name from the Customer ▼ dropdown.
  4. Enter the product/services, amount, and necessary details.
  5. Select Save and close.

 

On the other hand, you can create a sales receipt when moving income to sales when it is earned.

 

To learn more about managing invoices, feel open to check this information: Create invoices in QuickBooks Online.

 

Additionally, you read this article to know more about personalising sales forms: Customise invoices, quotes, and sales receipts in QuickBooks Online.

 

Let me know if there's anything else you need with recording your sales and other transactions. I'll be around to help. Have a nice day and stay safe!

C
chairman25
May 23, 2023

Why are deposits arbitrarily recorded as "additional paid in capital", when the payment on the invoice has been recorded next to the invoice number in the "sales" section that matches?  Why can I not drill down on the payments to resolve issues and correct posting errors created by QuickBooks on line? The desktop edition allows this and does not use "uncategorized Income" to force balance a payment? This is frustrating.

JaeAnnC
JaeAnnC
May 23, 2023

It's nice to have you here today, @chairman25. Allow me to step in and share my insights about deposits in QuickBooks Online (QBO).

 

Once you connect your bank accounts to QBO, transactions will download and categorize automatically. All you have to do is approve them. However, when the program is unable to recognize the transaction, it uses the Uncategorized Income account.  

 

That said, you'll want to utilize the Match feature to match the downloaded transaction with the one you've already entered in QBO. Here's how:

 

  1. Go to Banking and select the bank account.
  2. Click the downloaded transaction. If QBO finds a match, press Match. Otherwise, select the Find Match radio button.
  3. If you chose Find Match, check the box for the matched transaction.
  4. Click Save.

 

To make sure your QBO accounts match your actual bank statements, you may also want to reconcile them. By doing so, you can ensure that your books are truthful and balanced.

 

Please let me know in the comments section below whenever you require extra assistance with bank deposits. I'm available to help you further. Have a fantastic day ahead, and be safe!

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