I have a small freelance business. I'm VAT registered so I'm not using the self-employed version of QB. I don't have a separate business bank account, so I don't want to use bank feeds in QB.
What do I do - just attribute every payment and expense to, say, 'Undeposited Funds'?
If you are not using a live bank connection, you would still create an account for this within your chart of accounts to allocate payments to.
You can create this by going to Accounting > Chart of accounts > New and set the Account Type to Cash at Bank and in Hand and detail type to Current, then rename this under *Name.
Get back to us below if you have any more questions!
Thanks for the quick reply.
What is a chart of accunts and why do I need one?
I'm here to share some information about the Chart of Accounts, Paul.
The chart of accounts is a list of all your company’s accounts and balances. This helps you organise your transactions to know how much money you have and owe in each account.
This organises your Assets, Liabilities, Income, and Expenses.
I've you also added these articles to know more about the Chart of Accounts:
Don't hesitate to tag my name in your Reply. I'm always here to help you out!
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