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I’m delighted to have you here in the Community, @Jeremy_. I’ll help you with recording tips in QuickBooks Online (QBO).
With QuickBooks Online, you can share tips with your team. Without the hassle of manually setting up, you can share tips or gratuities with your employees. Simply enable the tip tracking option. We'll guide you through these simple steps.
Here’s how:
- Go to the Gear icon, and select Account and Settings.
- Click the Sales tab from the left menu.
- Hit the pencil icon to edit, and turn on the Tips (Gratuity) feature.
- A pop-up Who's receiving these tips? will open, select My team button.
- When Update your sales receipt template? window opens, kindly select the Update button.
- Select Save and Done.
Before depositing the final total payment amount into their bank accounts, some firms pay out tips before depositing the whole payment amount into their bank accounts.
In this situation, you'll need to make a journal entry to remove the tips from the deposit and pay them out. To learn more about recording the payment and the deposit, as well as creating a journal entry for tips, you can check out this article.
To address your other concerns, setting up your items well depends on your own preference. Also, when adding your transactions to your bank register, I suggest you reach out to your accountant to guide you further on what Account type and Detail type to use for these transactions.
Furthermore, you can check out to this following article to guide you further with categorizing and reconciling your account in QuickBooks Online.
- Categorize and match online bank transactions in QuickBooks Online.
- Reconcile an account in QuickBooks Online.
Let me know in the comments if you need further assistance with banking transactions. I’ll make sure to get back to your sooner to assist you further. Have a great day!
