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bcluelessone
February 23, 2024
Question

reconciling receipts in Quick Books Self Employed

  • February 23, 2024
  • 1 reply
  • 0 views

Hi,

I'm using quickbooks self employed and just want to keep track of expenses vs. income. I have a problem where a vendor that I purchase from takes a deposit when I make an order and then sends a receipt for the deposit plus the rest of the order. Fine. But quickbooks notes each transaction separately so when I upload the one receipt I have for the job, the numbers don't match. From what I understand there is no way to merge two transactions under one receipt. Is this true? Does this discrepancy matter?

 

Thank you. 

1 reply

Nicole_N
Nicole_N
February 23, 2024

Hello, @bcluelessone. I'll share some details on how to effectively handle your transactions under one receipt in QuickBooks Self-Employed (QBSE). 

 

You're right, merging two transactions isn't an option in QBSE. Also, there can only be 1 transaction per receipt so you'll need to manually add the receipt for each transaction. I'll show you how:
 

  1. Open your QBSE account.
  2. Navigate to the Transactions menu.
  3. Choose a transaction, then tap on it.
  4. From there, upload the receipt from your computer.


     
  5. Once done, click Save.

 

Moreover, when you record a transaction in QBSE, you need to categorize it. This way, you can organize your income and expenses. Then, you'll be putting them on the correct Schedule C line. Refer to this article's Categorize a transaction section: Categorize transactions in QuickBooks Self-Employed. It also contains information about account categories in the Learn about Income and Expense drop-down field.

 

If you have any other questions concerning your QuickBooks transactions, please let me know by adding a comment below. I want to make sure everything is taken care of.

B
bcluelessoneAuthor
February 23, 2024

Thank you for the response Nicole but it still leaves me with the problem that I have no way to make the one receipt match the two transactions. The first transaction is for a deposit and I *think* I can upload a picture of the receipt for the deposit. But while the second transaction is for the remaining balance, the receipt that I get shows the entire order including the deposit, so those numbers don't match. 

Does each transaction require a receipt or is there a way to categorize several transactions under the same customer and then just upload the one receipt? Super confusing... 

M
Maybelle_S
February 23, 2024

Hello there, bcluelessone. I understand the importance of categorizing transactions in QuickBooks Self-Employed (QBSE).

 

To classify those entries, you can manually add a new transaction and ensure it has the same amount and details.

 

Here's how:

 

  1. Go to the Transactions menu.
  2. Click Add transaction.
  3. Enter the Date, Transaction, and Amount.
  4. Choose the right category by tapping the Select a category link.
  5. Hit Save.

 

Additionally, here's a helpful resource you can look through to learn more about putting the transactions to the correct line of your Schedule C: 

 

 

Let me know if you need further assistance with managing bank transactions or any QuickBooks-related matters by posting them here. Stay safe!

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