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T
TaFanesamekeya
April 6, 2024
Question

Recognizing Revenue & Expenses in QBOA without a Bank Account

  • April 6, 2024
  • 1 reply
  • 0 views

I am wrapping up my ProAdvisor training, and doing some practice runs.  I have not yet established a business bank account. I was paid for providing some misc. admin. work for a client. I created an invoice. Then, I received payment and posted the payment to Undeposited Funds (since I don't have a bank account). I was paid cash. QBO assumes users have bank accounts to match Undeposited Funds to a transactions in a bank feed.  How do I recognize the income without a bank account, a journal entry? I am aware that posting a JE will not map to a customer.  Since I am just getting started, I am ok with that.  Suggestions? Thank you!

1 reply

R
RheaMaeH
April 6, 2024

Hello there, TaFanesamekeya. Let me help you record your income on QuickBooks Online Accountant (QBOA) without using your bank account.

 

Yes, you can do this by creating a journal entry that allows you to move money between accounts and balance your books in specific ways.

 

Here's how:

 

  1. Click on the + New button.
  2. Select Journal entry.
  3. On the first line, choose an account from the Account field. Depending on whether you need to debit or credit the account, enter the amount in the correct column.
  4. On the second line, select the other account to which you're transferring money. Depending on entered a debit or credit on the first line, enter the same amount in the opposite.
  5. Check the amounts to ensure that the Credit column on one line and the Debit column on the other line have the same amount. This ensures that the accounts are in balance.
  6. Enter information in the memo section to know why you made the journal entry.
  7. Click Save and new or Save and close.

 

Additionally, you can check out this article to learn how to create and review adjusting journal entries: Make adjusting journal entries in QuickBooks Online Accountant.

 

Let me know if you need further assistance recording transactions without recognizing your bank account or any other QuickBooks-related matter. We're always available to assist. Stay safe.

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