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Level 1

How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online

I write checks to my independent contractors and take a cut as a Rental Fee (as income).  Previously, I simply created an Income Account:  Rental Fee and subtracted the amount when entered on the check.   Unfortunately, this made the Rental Fee an expese (negative income rather than income deducted from a check).  Any recommendations on what is the most simple way to accomplish this?  Any suggestions would be appreciated.  I'm using QB Pro 2013.

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Community Champion

How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online

Wow! Your question title for receiving payments into Undeposited Funds in QBO is completely unrelated to your actual question regarding actions in Desktop. And you tagged it as QBSE the self employed edition.

 

Let's start with your detailed desktop question. The way you describe recording a negative to an income account on an expense check shoukd work just fine. It is the equivalent of deducting in a deposit an expense from a fully paid customer payment that is shpet, such as when credit card fees are deducted at the source.

Writing a check for 900 that has details of Expense= 1000 and Income= (100) for a net 900 will post positive income of 100 and expense of 1000. Maybe your income item is set up wrong.

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