Here is the background of my question: I booth rent and they pay me cash. Instead of depositing the cash and taking it back out to put into my ATM, I just add the booth rent cash to the ATM. When I receive the withdrawal amounts electronically can I classify them as Booth Rent Income, or will that completely screw up the books?
Welcome and thank you for participating in the Community space, @Remedy.
Are you using the Visa Pay Card? If so, you can add the transactions manually in your QuickBooks Self-Employed. That allows you to manage the transactions, deposits, or withdrawals and make sure your books is up to date.
When entering the transactions, ensure to categorize them correctly. Follow the steps below if you're using the web browser:
If you're using your iOS or android device, you can check this article for the steps: Add a new transaction in QuickBooks Self-Employed.
That should get you going today! Let me know how it goes or if you're referring to something else. I'll be here if you need further assistance.
Hello there, @Remedy.
I'd be glad to help guide handle your transactions correctly.
Are you using the same ATM when depositing and withdrawing the amount? If so, you can simply classify the deposit as Business Income for your booth rental income.
On the other hand, if you’re using a different account/bank, you have to classify the deposit as Personal Deposit and the withdrawal as a Personal Withdrawal. Once you’ll deposit the amount to your ATM, use the Business Income (booth rent income) to classify the deposit.
However, it will always be best to consult with your accountant before doing these steps.
You may also check this article for your future reference on how to calculate estimated tax payments: How we calculate estimated tax payments.
Please feel free to drop a comment below if you have any other QuickBooks questions, I'll be always here to help you. Wishing you the best!
How would you classify the withdrawal of money from the bank (check made to CASH) to put back into the ATM?
Hey there, lydbrewer.
I'd be happy to help you classify the withdrawals and put it back into the ATM. Let's get started.
You can use the Transfers feature to put back the cash into the ATM.
You may find these articles helpful:
If you need to discuss sensitive information, feel free to reach out to our QuickBooks Self-Employed. Here's the link to reach them:
Or, you can follow the steps below:
Don't hesitate to drop a reply below if you have any other withdrawals and ATM's concerns. Have a great day.
Maybe I should have said, the owner withdraws cash from business checking and puts it in the ATM. The money withdrawn by customers from the ATM is automatically deposited into the business checking. (1) I'm not sure how to code the cash withdrawal to put in the ATM and (2) the ATM deposits back to the checking will not match the withdrawals. It's confusing.