How Do I Correctly Add Income Received From Customers Who Pay Their Condo Assoc. Dues

jstabler · ‎March 13, 2023

Hello.

We receive condo dues monthly from our customers. I've never done an invoice or a sales receipt because it's not a taxable sale in Illinois. I have been adding it directly in the check register since that's the only way I can get it to show on our customer's account. However, if I have more than one payment, it won't show each individuals name. Am I doing this wrong? Is there a better way to manage these payments?

Rainflurry · ‎March 13, 2023

@jstabler

It is best to create an invoice for each homeowner (customer) each month. Create a non-taxable service item called 'Monthly Dues' (or something similar) and select the appropriate income account. Then, create an invoice and add that item to it. You can create the first invoice for each homeowner and then create a memorized transaction that will post automatically each month so you don't need to re-enter them. Then, when you receive payments (Customers > Receive Payment), choose the customer and match it to their invoice. You can select undeposited funds if you receive physical checks and deposit them as a group. Then, make a bank deposit and select the checks that are being deposited as a group. That will give you separate invoices and payments for each homeowner but will group the payments into a single deposit. After a couple of months, the process will become second nature.

View solution in original post

ZackE · ‎March 13, 2023

Thanks for reaching out to the Community, jstabler.

If you prefer to use invoices or sales receipts, you can enter your line items as non-taxable to prevent taxes from being charged on the transactions.

In the event you aren't sure on how you should be entering these transactions, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:

Go to our Find a ProAdvisor page.
Use the City or ZIP search field to specify a location.
Select Find a ProAdvisor.
Browse through your results and find one that works best for the business. You can click on each ProAdvisor's profile to learn more information about them.

Once you've found an accountant, they can be contacted through their Send a message form:

Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
Hit Send message.

You'll also be able to find many detailed resources about using QuickBooks in our help article archives.

Please feel welcome to send a reply if there's any additional questions. Have a great day!

Rainflurry · ‎March 13, 2023

@jstabler

It is best to create an invoice for each homeowner (customer) each month. Create a non-taxable service item called 'Monthly Dues' (or something similar) and select the appropriate income account. Then, create an invoice and add that item to it. You can create the first invoice for each homeowner and then create a memorized transaction that will post automatically each month so you don't need to re-enter them. Then, when you receive payments (Customers > Receive Payment), choose the customer and match it to their invoice. You can select undeposited funds if you receive physical checks and deposit them as a group. Then, make a bank deposit and select the checks that are being deposited as a group. That will give you separate invoices and payments for each homeowner but will group the payments into a single deposit. After a couple of months, the process will become second nature.

jstabler · ‎March 14, 2023

Thank you! That makes sense.

FritzF · ‎March 27, 2023

Hello, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Stay safe and have a great rest of the day.

Topics

Training

Community

Resources

How Do I Correctly Add Income Received From Customers Who Pay Their Condo Assoc. Dues