Hi there, @Tmurphyrcdd. We appreciate your time for posting here in Community. We want to ensure we provide the resolution you need regarding recording rental property in QuickBooks Online.
You can create an invoice for the amount of rent, by following these steps. First, post the income pay of 300 and the expense of 200 to the Undeposited Funds (UF). Next, add a negative to the expense (-200) to match. I can guide you through the process if you like.
Step 1. Record the gross sales (1500). you can select Sales Receipt or Invoice.
Step 2. Record and deposit the payment to Undeposited Funds/Payments to the deposit account.
Step 3. Create a bank deposit that includes the payment. I'll lay out the details at the bottom.
Step 4. Match the bank deposit to the downloaded bank transaction.
Here are the detailed steps for Step 3:
- Click the New button and select Bank Deposit.
- Under the Select payments included in this deposit section, select the payment.
- Under the Add funds to this deposit section, enter the expense accounts.
- Make sure to enter those amounts as negative (-200).
- Make sure the net amount/AMOUNT in the upper-right corner is correct.
- Save the transaction.
After following STEP 4, you proceed to reconcile the transactions. On top of that, you can consult your accountant if you're unsure how to handle any other transaction.
When everything is all set, you might want to check these links on how to categorize your transactions and reconcile your accounts:
If you have any questions or concerns regarding managing your expenses or your account, please don't hesitate to contact us. I'm always here to help. Have a great day!