Business Income

Hi there, ureigllc.

It's nice to see a new face here in the Community.

I'm here to walk you through receiving income in QuickBooks Online.

First, you'll need to create a service item representing the service for which you're receiving income. I recommend seeking advice from an accountant on the income account to associate with your items. An accountant can also provide professional insights on managing your accounts as a project management or construction consultant.

Once you've set that up, you can create an invoice or a sales receipt to record the income you're receiving.

To create an invoice in QuickBooks Online, follow these steps:

1. Click the +New button.
2. Select Invoice.
3. Choose a customer from the dropdown. 
4. Review the Invoice date, Due date, and Terms. Enter new dates or terms if you need to.
5. Add products or services from the dropdown.
6. Select how you want to calculate the charge amount - flat rate, by hour, or by item. Enter a quantity and rate if needed.
7. You can send it to your customer or save and close it when you're done.

After completing the invoice, here are the steps to receive payment to record your income:

1. Click the + New button.
2. Select Receive payment.
3. Choose the customer's name from the dropdown list.
4. Select the payment method from the Payment method dropdown list.
5. From the Deposit to dropdown, pick the account you put the payment into.  
6. Tick the invoice for which you're recording the payment in the Outstanding Transactions section.
7. Enter the Reference no. and Memo if needed.
8. Hit Save and close.

Alternatively, you can create sales receipts for customers who immediately pay for products and services.

Finally, if you'd like to get an overview of how much income you're receiving in a particular period, you can run reports in QuickBooks Online. You can check out this article to learn more about running reports: Run reports in QuickBooks Online.

Don't hesitate to comment below if you have other concerns or follow-up questions about recording your income in QuickBooks. I'm always here to help.