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How do I link cash sale that I manually add in Quickbooks to the money once it’s been deposited into the bank? If I don’t somehow link them, it looks like I have received the money twice?
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Hi shamilt, thanks for your post - it's not possible to match transactions in QB Self-Employed, so you'd either add these manually or through the direct bank feed. If you prefer to add manually, you can either disconnect the bank feed or exclude the downloaded transaction from your bank (tick the check-box to the left > exclude) to prevent duplications.
Hi shamilt, thanks for your post - it's not possible to match transactions in QB Self-Employed, so you'd either add these manually or through the direct bank feed. If you prefer to add manually, you can either disconnect the bank feed or exclude the downloaded transaction from your bank (tick the check-box to the left > exclude) to prevent duplications.
Hi, I am new to QB, using Self- Employed. I would like some clarification please.
Most of my customers pay me in cash at the end of the job without me issuing an invoice to them.
I want to record this in QB so I presume I would enter each one individually into the cash account section. For example 20 x £50 jobs in a week = 20 entries with a weekly total of £1000.
When I take this £1000 and pay it into my QB linked business account it will also be categorised as business income.
Does this mean that my total income for that week will show as £2000 in QB or will the cash account figure not be included?
If it will show as £2000 is there a way to correct it?
Hope this makes sense.
Hello! It's great to welcome you here in the Community forum, @maccol. It's my pleasure to provide you with the clarifications you need about managing your transactions in QuickBooks Self-Employed (QBSE).
You can record the cash received from your customers without creating invoices and manually adding the 20 entries in QBSE. Here's how:
Moreover, you can then exclude or delete the categorised transaction in your business account so it will not double the amount of your business income.
I've also added the following article if you want to know how to retrieve transactions before you connected your accounts: Add older transactions to QuickBooks Self-Employed.
Please get back to me by clicking the Reply button below if you have further questions about handling transactions in QBSE. I'm always looking forward to helping you. Have a nice day!
The way I deal with it is not to add them manually. Just wait until QBSE picks up the bank deposit and mark it as business income- you could put details of customers and amounts in the ‘notes’ section if you wanted to.
this is what i am wanting to do, i think its the simplest option. i take all my cash at the end of each month and pay it into my bank. what im wondering is, once ive paid the lump sum of cash into the bank and link it on my QB - do i have to include all individual, details of who paid etc. or can it just be marked as that months cash income? hope this makes sense!
thank you
I got you here, jenny Mc1.
In QuickBooks, depositing each payment individually in your bank account is unnecessary. Since you will not track the transactions. The QBSE (QuickBooks Self-Employed) or HMRC (Her Majesty's Revenue and Customs) only require a report on your business's income and expenses, regardless of the customer.
To ensure your transactions are categorised correctly on your Schedule C, refer to these articles for guidelines:
Please let me know if you have any additional QuickBooks or transaction-related questions. Leave a reply in the comments section, and I will get back to you. Take care, and have a fantastic day.
For your tax return HMRC only need to know total income and total expenses (and proof of expenses). I don’t think you need to keep detailed records of where the income has come from, just the amount.
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