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PesMilford
November 29, 2023
Question

Cash Advance Payments

  • November 29, 2023
  • 1 reply
  • 0 views

Good Afternoon, 

 

I am hoping you could help me out.  We use a 3rd party to do our payroll, weekly I receive our register and other reports, and taken out of our bank account are the taxes, net payroll, and billing(3 transactions).  We also subscribe to QB time.  We had an employee need a cash advance, we wrote a check,  now I am not able to separate the net pay into all the different employees, unless I set them all up as vendors.  None the less how am I to record the payback of the cash advance, the advance is set up as an Employee Advance account in QBO, and logged.  how do I match the payback if I only have the one withdrawal from our account?  If this is at all possible without adding everyone as a vendor, even though they are already in the system as employees.   

1 reply

Nicole_N
Nicole_N
November 29, 2023

Thanks for providing details of your concern, PesMilford. I'm here to help you match the payback for the cash advance in your QuickBooks Online account.

 

To match this withdrawal to your bank account, it's correct that you made a check affecting your Employee advance account. When recording the payment, we should create a bank deposit affecting the Employee advance account. I'll guide you on how:
 

  1. Go to the + New icon.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.
  4. Put a checkbox for a transaction.
  5. Fill in the rest of the fields.
  6. Click Save and close or Save and new.

 

For more information, check out this link: Record and make bank deposits in QuickBooks Online.


For future reference, I'm adding these articles to learn more about setting up cash advance repayment in QuickBooks:  

 

I'm always here if you need more help in handling cash advances in QBO. I'm just a quick post away. 

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