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Hello!
Another company and I agreed to split the cost of printing. My company has paid the bill in full ($2000). I need to collect the other companies contribution to the bill. The money that i am getting from them isn't income. Its just paying me back for their half of the expense. Can I just use the "Bank Deposit" feature to record it and use the same expense account I used to pay the bill from so that on my reports it shows that the printing was only a $1000 expense, and that the money received isn't actual income? We are non-profit and we don't sell anything or provide services.
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It's awesome to have you here, Ashley.
Yes, you can use the bank deposit feature if you want to increase the bank balance and not record a sale. A journal entry would also work the same if you want to consider doing so.
For help with journal entries and what accounts to use, we do recommend that you reach out to an accounting professional first. We can only provide the steps you need to do in QuickBooks, but handling your books and doing JE transactions is best assisted by your accountant.
If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in the US: https://quickbooks.intuit.com/find-an-accountant/
You can also refer to this link for help: How to Use Journal Entries
Visit us anytime for additional questions or concerns. I'll be right here to help you out. Have a good one!
It's awesome to have you here, Ashley.
Yes, you can use the bank deposit feature if you want to increase the bank balance and not record a sale. A journal entry would also work the same if you want to consider doing so.
For help with journal entries and what accounts to use, we do recommend that you reach out to an accounting professional first. We can only provide the steps you need to do in QuickBooks, but handling your books and doing JE transactions is best assisted by your accountant.
If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in the US: https://quickbooks.intuit.com/find-an-accountant/
You can also refer to this link for help: How to Use Journal Entries
Visit us anytime for additional questions or concerns. I'll be right here to help you out. Have a good one!
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