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torag9102
Level 1

New to QB - recording a deposit made in 2022 from payment received in 2021

Hello, I am new to QuickBooks and just started tracking everything starting 01/01/2022. We received a payment at the end of 2021 for a job completed but did not make the deposit until 01/2022. I need to recognize the payment received but not link it to an invoice so that it is not recognized as income for 2022 as we have already recognized the income it in 2021. How to I log the funds as a deposit in QuickBooks so that it can match with our bank statements?

 

Thanks so much!

3 Comments 3
Rustler
Level 15

New to QB - recording a deposit made in 2022 from payment received in 2021

it al depends on how you file your taxes as to when the deposit is counted

 

If you file as a cash basis taxpayer, then income is counted when you receive it, not when it is deposited. So if this is the case receive the money against the invoice with a dec 2021 date

 

If you are an accrual based taxpayer, then the income is recognized when the invoice is saved and the receipt of the money (this year or next) has nothing to do with it

torag9102
Level 1

New to QB - recording a deposit made in 2022 from payment received in 2021

 
torag9102
Level 1

New to QB - recording a deposit made in 2022 from payment received in 2021

Thank you. We did everything by paper before and moved to QB in 2022. The Invoice was created and we received payment in DEC 2021 so we recognized the funds in 2021; however, the money was not deposited in the bank account until 2022. So, I need my register in QB to match our bank statements (showing the deposit). My questions is how do I enter the deposit in QB if I do not have a QB invoice to link the payment to? QB will not let me use the "Undeposited Funds" account because that is reserved for QB to hold the funds for QB invoices that have been marked as paid.

 

Are you saying that I need to create a QB invoice for the paper invoice that we already have?

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