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Bonbonplume
Level 2

Invoicing

I am brand new to QBO

We just started an S-Corp. Previously, we were billing as a 1099 through a company that does business with the same companies we now bill directly.

 

We did not invoice the bill through company. We only categorized what income it was for as the checks cleared. Should we go back and create invoices for QBO now?  That bill through has paid for most except some agreed profit sharing that it now refuses to pay.  

How do we categorize sub pay/per diem income?

 

Thank you

Solved
Best answer October 02, 2021

Best Answers
vpcontroller
Level 11

Invoicing

It really depends!

  1. How many Invoices will you have to create? If it's a lot it could be very time-confusing and may be hard to reconcile deposits with the payments.
  2. And most importantly, do you need to track Client/Customer sales?

 

If you decide to create an Invoice, transactions for previously recorded as a deposit to income sales, you will need to UNDO deposit from the Banking tab and match the deposit with the payment to clear the Accounts Receivable.

You may also want to reconcile your bank account each month after that and so on.

Hope this helps!

View solution in original post

2 Comments 2
vpcontroller
Level 11

Invoicing

It really depends!

  1. How many Invoices will you have to create? If it's a lot it could be very time-confusing and may be hard to reconcile deposits with the payments.
  2. And most importantly, do you need to track Client/Customer sales?

 

If you decide to create an Invoice, transactions for previously recorded as a deposit to income sales, you will need to UNDO deposit from the Banking tab and match the deposit with the payment to clear the Accounts Receivable.

You may also want to reconcile your bank account each month after that and so on.

Hope this helps!

View solution in original post

Bonbonplume
Level 2

Invoicing

Thank you vpcontroller!

It does help. I will just leave it alone, since I would have to create over 30+. I have records for all of these services should it come down to that.

 

Thank you.

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