My client issued an invoice to his customer which now sits in A/R. He received cash payment but did not deposit the cash, instead he took the cash as an owner draw. How do I record this in QuickBooks?
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The Deposit screen, bottom left, has "Cash Goes Back to" and select Owner Draw or Shareholder Loan, from here.
You don't need a clearing account. Use the bottom of the deposit screen to end with a Net 0 deposit. Using UF is fine.