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July 23, 2022
Question

I am trying to put rent in as an income but it is coming out as an expense

  • July 23, 2022
  • 1 reply
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1 reply

July 23, 2022

I'll ensure and help you record your rental income in QuickBooks Online, @zobiarafique-hot.

 

It's possible that you choose an expense account reason why it came out as an expense. For accurate records and reports, make sure to select an income account next time.

 

Keep track of the rent you get from your tenants in two ways. You can create an invoice for payments received at a later time. Or sales receipt if you receive it in real-time.

 

To create an invoice:

 

  1. Click on +New.
  2. Click on Invoice or Send Invoice.
  3. Select the Customer from the drop-down.
  4. Fill in all other necessary information.
  5. Once done, click on Save and close or Save and send.

 

 

To create a sales receipt:

 

  1. Click on + New.
  2. Choose Sales receipt
  3. Pick the customer from the Customer dropdown. 
  4. Fill in the sales info, such as the payment method.
  5. Fill in the line items for the products and services you sold.
  6. Once done, click on Save and send to email the receipt.

 

After that, you'll have to deposit the payment to the Undeposited Funds. Note: This is applicable to both invoices and sales receipts.

 

Lastly, I recommend getting in touch with your accountant for the right accounts to use and for other options. This is to avoid errors in your books.

 

I'm also adding this helpful module about handling sales forms in QBO: Customise invoices, estimates, and sales receipts in QuickBooks Online.

 

You already know where to find me if you need extra help with this matter or with QuickBooks. It's always my pleasure to be of help. Don't overwork yourself and take care!