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Established Member

I GET PAID BY RCTI MINUS DEDUCTIONS DEPOSITED INTO MY ACCOUNT HOW DO I ENTER MY EXPENSES AND INCOME WHEN THE AMOUNT PAID INTO MY ACCOUNT IS DIFFERENT THAN MY ACTUAL INCOME

 
4 Comments
QuickBooks Team

Re: I GET PAID BY RCTI MINUS DEDUCTIONS DEPOSITED INTO MY ACCOUNT HOW DO I ENTER MY EXPENSES AND ...

I'll be glad to help you record your income, I GET PAID BY RSTI,

 

In  QuickBooks Self-Employed, you can only record your final income and expenses.

 

In this case, since what was deposited in your account is less than the actual income, you can record the remaining amount in your Transactions  list as a separate transaction.

 

On the other hand, you can record your deductions as separate transactions as well if they are considered as business  expenses.

 

Feel free to reach out if you have more questions.

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Established Member

Re: I GET PAID BY RCTI MINUS DEDUCTIONS DEPOSITED INTO MY ACCOUNT HOW DO I ENTER MY EXPENSES AND ...

YEH I DID THAT BUT  THE AMOUNT I GET IN MY ACCOUNT IS LESS THAN THE AMOUNT I ACTUALLY EARN AND SHOWS UP AS I AM ONLY EARNING THAT AMOUNT NOT MY ACTUAL AMOUNT

Established Member

Re: I GET PAID BY RCTI MINUS DEDUCTIONS DEPOSITED INTO MY ACCOUNT HOW DO I ENTER MY EXPENSES AND ...

FOR EXAMPLE ON THE RCTI THE TOTAL AMOUNT I EARN IS $7000.00 AND AFTER TRUCK REPAYMENTS, REPAIRS AND FUEL I ONLY RECEIVE $2500.00 AND WHEN I ENTER THE EXPENSE IT TAKE IT OUT OF THE $2500.00 AS WELL AS ANY WAGES I PAY TO MY DRIVERS. WHICH SHOWS UP AS A LOSS OF $4400.00 WHEN IT SHOULD BE A PROFIT OF $100.00

QuickBooks Team

Re: I GET PAID BY RCTI MINUS DEDUCTIONS DEPOSITED INTO MY ACCOUNT HOW DO I ENTER MY EXPENSES AND ...

Thanks for coming back to the Intuit Community, I GET PAID BY RSTI.


Allow me to chime in and guide you in the right direction about recording your expense and income transactions.

 

The Split feature in QuickBooks Self-Employed is currently designed to break down transactions of the same category type. As a workaround, you can initially separate the income into Business and Personal.  

 

To do this task, you'll have to split the transactions. Once done, mark the personal transaction as Excluded to remove it.

 

Then, manually enter the expenses one at a time on the Transactions page to track them.  I’m also adding a link with detailed information about the Split and Exclude features in QBSE.


Please know personal transactions are not included on the calculation of estimated taxes. I still suggest you contact your accountant for suggestions and recommendations on how to properly handle the income and expenses in your account.


This should help you move forward. If you have any follow-up questions or concerns, leave me a comment. I’ll be right here to assist further.