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Experienced Member

What is the best way to manage my ATM in quickbooks if I supply the cash?

Here is the background of my question:  I booth rent and they pay me cash.  Instead of depositing the cash and taking it back out to put into my ATM, I just add the booth rent cash to the ATM.  When I receive the withdrawal amounts electronically can I classify them as Booth Rent Income, or will that completely screw up the books?  

6 Comments
QuickBooks Team

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

Welcome and thank you for participating in the Community space, @Remedy.

 

Are you using the Visa Pay Card? If so, you can add the transactions manually in your QuickBooks Self-Employed. That allows you to manage the transactions, deposits, or withdrawals and make sure your books is up to date.

 

When entering the transactions, ensure to categorize them correctly. Follow the steps below if you're using the web browser:

  1. On the right menu, go to the Transaction tab.
  2. Select Add Transaction button.
    1.PNG
  3. Enter the detail and select the category.
  4. Click Save.

If you're using your iOS or android device, you can check this article for the steps: Add a new transaction in QuickBooks Self-Employed.

 

That should get you going today! Let me know how it goes or if you're referring to something else. I'll be here if you need further assistance. 

Experienced Member

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

I am not using the Visa Pay Card.

QuickBooks Team

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

Hello there, @Remedy.

 

I'd be glad to help guide handle your transactions correctly.

 

Are you using the same ATM when depositing and withdrawing the amount? If so, you can simply classify the deposit as Business Income for your booth rental income.

 

On the other hand, if you’re using a different account/bank, you have to classify the deposit as Personal Deposit and the withdrawal as a Personal Withdrawal. Once you’ll deposit the amount to your ATM, use the Business Income (booth rent income) to classify the deposit.

 

However, it will always be best to consult with your accountant before doing these steps.

 

You may also check this article for your future reference on how to calculate estimated tax payments: How we calculate estimated tax payments.

 

Please feel free to drop a comment below if you have any other QuickBooks questions, I'll be always here to help you. Wishing you the best!

Senior Explorer **

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

How would you classify the withdrawal of money from the bank (check made to CASH) to put back into the ATM?

Moderator

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

Hey there, lydbrewer.

I'd be happy to help you classify the withdrawals and put it back into the ATM. Let's get started.

 

You can use the Transfers feature to put back the cash into the ATM.

 

  1. Moving money between accounts: When you move money between your checking and savings accounts, you will see an expense, which is the money leaving your checking account, and an income transaction, which is that same money being deposited to your savings. Both should be marked as Transfers.
  2. Income to connected accounts: Suppose you have both a PayPal and a checking account connected to the app. If a client pays you £500 via PayPal, you'll see that income in your connected PayPal account. Then, if you move that £500 to your checking account, you'll see the £500 in income again there. The PayPal transaction should be marked as Business Income, and the checking account transactions should be marked as a Transfer. That's because you received the income in PayPal and simply moved that same money.

You may find these articles helpful:

 

If you need to discuss sensitive information, feel free to reach out to our QuickBooks Self-Employed. Here's the link to reach them: 

https://community.intuit.com/articles/1763394-contact-quickbooks-self-employed-support.

 

Or, you can follow the steps below:

 

  1. Sign in to your QuickBooks Self-Employed account.
  2. Select the Help (next to Assistant) menu on the upper right.
  3. Select Contact us.
  4. Fill in Ask a question (or tell us what’s wrong), then select Continue.
  5. Choose your preferred method to contact support:
    • Chat

Don't hesitate to drop a reply below if you have any other withdrawals and ATM's concerns. Have a great day.

Senior Explorer **

Re: What is the best way to manage my ATM in quickbooks if I supply the cash?

Maybe I should have said, the owner withdraws cash from business checking and puts it in the ATM.  The money withdrawn by customers from the ATM is automatically deposited into the business checking.  (1) I'm not sure how to code the cash withdrawal to put in the ATM and (2) the ATM deposits back to the checking will not match the withdrawals.  It's confusing.