Changing Transaction Dates

[comynbruce]

I take a lot of deposits for jobs, up to a year in advance of the actual event. As the payments are often made in the prior tax year to the event, they are counting towards the previous year's taxable income, when they are in fact income for the next year. As I connected my bank acct they show up as the real date paid (Sept 18, Jan 18), but I need to shift them to this tax year as they are currently sitting in last year and the event they are paying for isn't til June 19!

Is there any way of resolving this increasingly annoying issue?!

[JenoP]

Hi there, comynbruce.

The information, including the payment date, that're shown in the downloaded transactions are provided by your bank. If these payments shouldn't be counted until the event is done, you can exclude them in the meantime. 

Once the event is completed, you can manually record them so they're counted towards the correct period. Please see these articles for more details: 

• Exclude or delete transactions
• Add a new transaction in QuickBooks Self-Employed

Please let me know if you have other questions. I'll be around to answer them for you.

[Rustler]

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@comynbruce wrote:

I take a lot of deposits for jobs, up to a year in advance of the actual event. As the payments are often made in the prior tax year to the event, they are counting towards the previous year's taxable income, when they are in fact income for the next year. As I connected my bank acct they show up as the real date paid (Sept 18, Jan 18), but I need to shift them to this tax year as they are currently sitting in last year and the event they are paying for isn't til June 19!

Is there any way of resolving this increasingly annoying issue?!

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Deposits are not income, they are a liability (unless the deposit is non refundable)

You should have a liability account for customer deposits, and a service item named the same that links to that customer deposit liability account.  Use that on a sales receipt or invoice to receive the deposit - no income will post

use that item with a qty of negative one and the amount on the final invoice - now income will post

[comynbruce]

Apologies, I wasn't very clear. 

I do weddings, so the payments are made in lump sums in the run up to the event. As such they aren't refundable, just part payments.

[Rustler]

If they  are prepayments, then (at least in the US, check with the HMRC) the payment is income when received, cash or accrual basis.