How can I categorize the transactions coming into my checking account to give me to the option to categorize the transaction type to Sale Receipt? They are both set up as checking accounts and both behave differently.
I receive income from two sources and they come into different bank accounts, one will not allow me to categorize the transaction type to Sale Receipt and one will.
Hi there, EVRCo.
PayPal can be directly connected to QuickBooks, and one of the features it offers is the creation of sales receipts in QBO.
On the other hand, a third-party or mediator app like Zapier or OneSaas is used to connect eBay to QuickBooks. For this reason, we have no control over how transactions are exported since QBO it's just a receiving software. I would recommend reaching out to the mediator app's support so they can help you with how transactions are exported to QBO.
If you have other questions, you can always go back to his thread.
Thank you for your reply.
This is not from any software linked to eBay, it is ALL money deposits made directly into my Business Checking Account, the two scenarios are;
With both of these QBO does not allow me to categorize it as a Sales Receipt in my checking account. This does not make sense to me (I'm not an accountant) as I would think all businesses would deposit money from sales to their checking accounts. And would want them to show as sales
Is it necessary to create Sales Receipts for every deposit? It would be much easier if they simply allowed me to categorize it this way.
I appreciate the details you've provided, EVRCo.
It's not necessary to create a Sales Receipt for every deposit. This type of transaction is generally used when payment is received immediately. You're also recording the sales at the same time.
I know how important it is to have control over your deposits. However, the option to categorize it as a sales receipt is currently unavailable in QuickBooks Online.
Letting us know what works best for you will show our developers what they need to consider in future product updates.
In the meantime, I'd encourage you to visit our QuickBooks Blog site. This way you'll stay informed about the product enhancements as well as business tips from our accountants.
Additionally, I recommend reviewing your transactions. Also, you can match them to the existing entries in the software. Just go to the For Review tab from the Banking menu. Doing so will help you ensure the accuracy of your financial records.
For follow-up questions about this or help requests with other things in QuickBooks, feel free to connect with me again. I'll be right here to help you anytime.
Thank you for your reply you said
"However, the option to categorize it as a sales receipt is currently unavailable in QuickBooks Online"
This is not true as it is available on my PayPal bank which is set up as a "Checking Account" and it is not available as an option on me M&T Bank Checking account, which is also set up as a "Checking Account"
The most frustrating thing about this is the unless the trans actions are entered as "Sales Receipts they do not show up in the "Sales" Dashboard or Sales Reports", and this then is different to the income.
Thanks for getting back in here, @EVRCo.
Directly recording a deposit transaction isn't considered a sale in QuickBooks Online (QBO). It has to be linked to a sales transaction, such as a sales receipt or an invoice.
Once your sales transactions have been recorded, along with their respective payments, you can refer to this article on how you can match them to your bank feeds:
Currently, the option to customize the Dashboard to show other income that can't be categorized as a sales receipt is unavailable. If you want to show all the sales receipts on your sales report, you can customize your report. Here's how:
For more information, consider checking out this article on how to personalize reports in QBO: Customize reports.
Lastly, to ensure that your QBO bank account matches the balance of your actual bank account, you'll want to do a reconciliation. Take a look at this article for the steps: Reconcile an account in QuickBooks Online.
If there's anything else that I can help you with QuickBooks, let me know in the comments section. I'll be around to help. Have a pleasant day.