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February 2, 2022
Question

How do I record a cheque deposit that includes both revenue from sales and rent expenses?

  • February 2, 2022
  • 1 reply
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I rent a booth space from a company. Each month they give me a cheque for the total $ of product sold less the monthly rent fee. How do I reconcile those transactions in my banking?

1 reply

February 2, 2022

Hi pamedwards-tinga,

 

Welcome to Community!  You're banking is a vital part of your business and QuickBooks Online provides everything you need for recording your transactions accurately.  It's essential that your deposits are recorded in accordance with your real-life account so you can reconcile with ease.  I'll be happy to help!

 

When you enter the deposit, it's important to include all items to one deposit as it would be recorded with your bank, otherwise they won't match.  In your situation, you can create the monthly rental fee as a product or service so it can be added as a line item on the deposit as a negative amount.  For recording your bank deposits in QuickBooks Online, click here.  should you require additional assistance, it's best to reach out to your accountant.  If you don't have one, we can help locate a ProAdvisor near you.

 

If you have any other questions, please feel free to reach back out.  We'd be glad to assist!