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schievenin1987
January 10, 2024
Question

How should i record these transactions?

  • January 10, 2024
  • 1 reply
  • 0 views

I am an uber driver. I cash out daily to my bank account. So the money i earn is in my bank feed once that transaction posts with my bank. However, the amount i cash out is not the actual revenue i earn because Uber automatically deducts various expenses from my pay in real time. But here is the problem, these expenses that Uber deducts aren't shown to me until i receive my weekly statement on the Monday after the work week is complete.

 

How should i go about recording the cash out payments throughout the week while also accounting for the expenses i wont be able to deal with until the following week? Essentially, how do i record income i NEVER receive because it is deducted from my payouts and i don't know what those deductions are until the following week?

1 reply

S
ShyMae
January 10, 2024

Hello there, schievenin1987. I'm here to provide various ways to record the transactions. 

When you cash out each day, we can record the entire deposited amount as a sales receipt in QuickBooks.

 

To record income as sales receipts: 

 

  1. Hover to + New, then select Sales receipt.
  2. In the Amount column, enter the full amount. 
  3. Fill out the other necessary fields in the sales receipt, then select Save.

 

Once you receive your weekly statement on Monday, review the detailed expense deductions and enter them into the program as negative bank deposits.

  1. Hover to + New and select Bank deposit.
  2. Select the Account.
  3. Go to the Add funds to this deposit, click the Account column and choose an expense account. 
  4. Enter the amount for the fee as a negative (Example -100)
  5. Review all the information. Once done, click Save and close.

 

Now, match the transaction in your bank feeds. 

 

Another alternative solution is to record the expense transactions separately, based on what is shown in your bank statements next week. 

 

Once everything matches, your accounts are balanced and accurate. You can now reconcile your account. To learn more about how it works in QuickBooks, check out these articles: 

 

 

You can always respond by clicking the reply button below, schievenin1987. If you need further assistance recording bank transactions, I'm here to support and help you. 

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