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DBromley
Level 1

Cash deposits

I’m a sole trader and sometimes customers pay in cash as soon as I’ve finished the job and I was just wondering if I need to upload invoices or receipts on quickbooks to back up the cash deposits? I deposit whatever cash I earn at the post office and categorise it as business income on my transactions so it is all declared but I’m not sure if I need to back it up with invoices or receipts or is it acceptable to leave it categorised as business income?

Solved
Best answer October 30, 2022

Accepted Solutions
DivinaMercy_N
Moderator

Cash deposits

Welcome to the Community, @DBromley. I'm here to provide some details about managing cash deposits in QuickBooks Self-Employed (QBSE).

 

I appreciate you sharing detailed info about your concern. To help you with this, you can create an invoice in your QBSE account if you've issued one to your customers. You can then categorise the deposit as business income in the banking section. You do not need to create the invoice unless you would like to send it/keep it for your business records.

 

I also recommend reaching out to your accountant for additional guidance in managing the transactions. This is to ensure you'll record them correctly to avoid messing up your books. 

 

The program also allows you to make rules to categorise recent and past transactions quickly. To get started, please visit this link for detailed steps: Create rules to speed up reviews in QuickBooks Self-Employed. 

 

Please post again here if you have any other concerns about managing cash deposits in QuickBooks. I'll be more than happy to lend a hand. Have a good one and take care.

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1 REPLY 1
DivinaMercy_N
Moderator

Cash deposits

Welcome to the Community, @DBromley. I'm here to provide some details about managing cash deposits in QuickBooks Self-Employed (QBSE).

 

I appreciate you sharing detailed info about your concern. To help you with this, you can create an invoice in your QBSE account if you've issued one to your customers. You can then categorise the deposit as business income in the banking section. You do not need to create the invoice unless you would like to send it/keep it for your business records.

 

I also recommend reaching out to your accountant for additional guidance in managing the transactions. This is to ensure you'll record them correctly to avoid messing up your books. 

 

The program also allows you to make rules to categorise recent and past transactions quickly. To get started, please visit this link for detailed steps: Create rules to speed up reviews in QuickBooks Self-Employed. 

 

Please post again here if you have any other concerns about managing cash deposits in QuickBooks. I'll be more than happy to lend a hand. Have a good one and take care.

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