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Allow me to chime in and share some info about recording deposits and transfers in your QuickBooks Desktop for Mac, ProfitStrategist.
You can create a temporary PayPal bank account and utilize the Transfer Funds option instead to record these entries since it will not require a category account. You may add the correct opening balance so it will not be a negative amount when you record the transfer to your checking account.
If you haven't already, please follow these steps to create a temporary PayPal account:
- Go to the Lists menu, then choose Chart of Accounts.
- Click Create +.
- From the Type ▼dropdown, pick the account type.
- Complete the account details.
- Enter the correct opening balance.
- Tap OK to save it.
However, if you want to continue recording a deposit and use a temporary income account as the category in the From Account section, I highly recommend reaching out to your accountant for additional guidance or questions regarding recording these entries. They can also provide other methods and will share accounting perspectives within the program.
It's also important to compare the transactions on your monthly bank statements with those entered into the program to ensure that your accounts are balanced and accurate. Visit this article for the detailed process: Reconcile accounts in QuickBooks for Mac.
Update me by leaving a comment below if there's anything else you need to know about recording deposits in QuickBooks. I'll respond with the relevant details and resources.
