Money Deposited or Gifted

Hello @Kenneth P. I'd be happy to provide you with some guidance on how to record a money deposit or a gift.

The money won’t be classified as income if you select balance sheet accounts such as assets, liabilities, or capital/equity, each with its specific category detail type. How you use these funds, whether as an investment or for personal use, also affects their classification. Based on your situation, you could record it either as a bank deposit or as a journal entry linked to a special account.

Since you aren't treating the funds as income and are classifying them as either a deposit or a gift, I recommend consulting your accountant for professional guidance. This consultation will ensure accurate tracking of the funds in a special account. If needed, you can also connect with one of our ProAdvisors for further assistance.

After recording the gift, the amount won't appear in the Profit and Loss details but can be viewed in the Balance Sheet report. You can read this article for detailed instructions on filtering reports: Customize Reports in QuickBooks Online.

If you need additional support with logging entries in QuickBooks, please don't hesitate to reach out. We are here to assist and will promptly address any concerns you have.