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B
BT74
September 18, 2021
Question

How would the following scenario be recorded in QB?

  • September 18, 2021
  • 1 reply
  • 0 views

Good Morning,

 

Can I ask about the following: If I have a condo that pays $1600.00 per month
and has a management fee of $168.00... with a monthly deposit to my account of
$1432.00. How would I create a journal entry to show Income of $1600.00 and $168.00 as an expense?


I would like to show Deposit Account: 9606 Company Income - Real estate rental
revenue with a deposit of $1600.00 instead of $1,432.00 and 8141 Company - Real estate rental expenses with an expense of $168.00... which is the management fee.

 

Thank you very much!

 

Regards,

Blaine

1 reply

A
Alex M
September 20, 2021

Hi there Blaine,

 

It's vital that all your transactions are correctly entered so that your books are well balanced. QuickBooks Online allows you to create journal;l entries in order to move money between two or more accounts of your choice. I can point you in the right direction for assistance with this entry.

 

When entering a journal entry. The amounts in the credit and debit columns must be equal. To know which accounts would need to be affected for your books to balance. I recommend reaching out to your accountant. They'll be able to analyze the way your books are set up and tell you which accounts need to be affected to have all accounts have the correct balance. You can invite your accountant to your books by navigating to the My Accountant tab. You can also find an accountant near you by clicking on the Find a pro to help button in that section.

 

If you have any other questions, feel free to reach out here.

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