QuickBooks Team

Re: Setting up for Success With QuickBooks Online

Hi there, @blc.


Thanks for reaching out. Allow me to add to this discussion and help you track the additional income.


Yes, create an invoice to record the transaction. Before doing so, you must first set up a service item using Rental income as the account. Here’s how:

  1. Go to Lists menu and select Item List.
  2. Click the Item drop-down and select New.
  3. Choose Service as the Type.
  4. Fill out other necessary fields.
  5. On the Account drop-down, select the income account you created.
  6. Hit OK.

 

 

 

Once done, track the income in QuickBooks by following the steps below:

  1. Go to the Customers menu and select Create Invoices.
  2. Select a customer for the invoice. 
  3. Fill out other necessary fields.
  4. On the first line item, select the service item you created.
  5. Hit Save & Close.

 

 

If the other business pays you the amount of the rent, apply the payment to the open invoice. Let me show you how:

  1. Go to the Customers menu and select Receive Payment.
  2. Choose the customer’s name on the Received From drop-down.
  3. Enter the Amount.
  4. Make sure the date is correct, then choose the Payment method.
  5. Select the invoice.
  6. Hit Save & Close.

 

 

Here are articles for reference: 

That should answer your concern for today. Let me know if you have any questions, I’m always here to help. Have a good one!