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Shuaib Ahmed
Level 1

Recording earning received from TURO Rental in QBO Plus

Hi,

Can you please help me how to record earnings received from TURO

Scenario

Revenue 1000

TURO commission deducted at source 150

Received in my Bank 850

 

Actually, I want to show actual revenue 1000 and then commission 150 on the Profit & Loss Statement.

 

Regards

 

Solved
Best answer August 05, 2021

Accepted Solutions
Mich_S
QuickBooks Team

Recording earning received from TURO Rental in QBO Plus

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:

  1. Click on the +New tab. Then, select Sales Receipt.
  2. Select the Customer from the drop-down.
  3. Under the Deposit to account, select Undeposited Funds.
  4. Fill out all necessary information.
  5. 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.)

  1. Click on the +New tab. Then, select Bank Deposit.
  2. Select the Account.
  3. Check the box of the sales receipt you want the deposit to be linked.
  4. Fill out the Received from as TURO commission deducted at source.
  5. Enter the Amount. (Negative amount should be entered)
  6. 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:

Keep me updated by replying to the thread. I'm always here to help. Take care!

View solution in original post

2 REPLIES 2
Mich_S
QuickBooks Team

Recording earning received from TURO Rental in QBO Plus

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:

  1. Click on the +New tab. Then, select Sales Receipt.
  2. Select the Customer from the drop-down.
  3. Under the Deposit to account, select Undeposited Funds.
  4. Fill out all necessary information.
  5. 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.)

  1. Click on the +New tab. Then, select Bank Deposit.
  2. Select the Account.
  3. Check the box of the sales receipt you want the deposit to be linked.
  4. Fill out the Received from as TURO commission deducted at source.
  5. Enter the Amount. (Negative amount should be entered)
  6. 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:

Keep me updated by replying to the thread. I'm always here to help. Take care!

View solution in original post

Shuaib Ahmed
Level 1

Recording earning received from TURO Rental in QBO Plus

Thank you so much Mich-S

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