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Best answer August 05, 2021
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I'd love to help you record earnings received from TURO rental, @Shuaib Ahmed.
First, you'd need to create a sales receipt, then deposit the payment to Undeposited Funds. Once done, you can now create a bank deposit to track the amount received and deduct the commission from it.
To create a sales receipt:
- Click on the +New tab. Then, select Sales Receipt.
- Select the Customer from the drop-down.
- Under the Deposit to account, select Undeposited Funds.
- Fill out all necessary information.
- Select Save or Save and send.
To create a bank deposit:
(Note: When selecting an account for the deposit, I suggest you consult your accountant. This way, we can avoid errors on your records.)
- Click on the +New tab. Then, select Bank Deposit.
- Select the Account.
- Check the box of the sales receipt you want the deposit to be linked.
- Fill out the Received from as TURO commission deducted at source.
- Enter the Amount. (Negative amount should be entered)
- Hit Save and new.
There you go, you should see the Received in my Bank amount as $850.00.
I'm also adding these handy articles that you can review when managing invoice payments:
- Record invoice payments in QuickBooks Online
- Deposit payments into the Undeposited Funds account in QuickBooks Online
Keep me updated by replying to the thread. I'm always here to help. Take care!
I'd love to help you record earnings received from TURO rental, @Shuaib Ahmed.
First, you'd need to create a sales receipt, then deposit the payment to Undeposited Funds. Once done, you can now create a bank deposit to track the amount received and deduct the commission from it.
To create a sales receipt:
- Click on the +New tab. Then, select Sales Receipt.
- Select the Customer from the drop-down.
- Under the Deposit to account, select Undeposited Funds.
- Fill out all necessary information.
- Select Save or Save and send.
To create a bank deposit:
(Note: When selecting an account for the deposit, I suggest you consult your accountant. This way, we can avoid errors on your records.)
- Click on the +New tab. Then, select Bank Deposit.
- Select the Account.
- Check the box of the sales receipt you want the deposit to be linked.
- Fill out the Received from as TURO commission deducted at source.
- Enter the Amount. (Negative amount should be entered)
- Hit Save and new.
There you go, you should see the Received in my Bank amount as $850.00.
I'm also adding these handy articles that you can review when managing invoice payments:
- Record invoice payments in QuickBooks Online
- Deposit payments into the Undeposited Funds account in QuickBooks Online
Keep me updated by replying to the thread. I'm always here to help. Take care!
Hi mddrodrigues,
Thank you for joining the conversation and sharing how Turo deposits your payment. I'll guide you through recording the two transfers so you can match them.
I assume you have a Turo account in your Chart of Accounts, where the money is initially deposited. Therefore, you can just create two transfer transactions with different dates to reflect the two transfers that happened in real life. They will then become a matching entry to the transaction on your Banking page.
- Click +New and choose Transfer.
- Choose your Turo account in the Transfer Funds From field.
- Select your bank account in the Transfer Funds To field.
- Enter the amount and the date of the first transfer in their corresponding fields.
- Click Save and close, and repeat the same process for the other transfer.
You can then reconcile your bank account after recording all your transactions. Here's an article to guide you through the process: Reconcile an account in QuickBooks Online.
Feel free to go back to this thread if you have other questions in mind. Have a good one!
