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Marahrob
Level 1

Income Recording

I have a customer who paid Cash, my boss is not wanting to put the actual cash in the bank, but he wants me to mark the invoice paid and show the income as being applied in our books.  How in the world do I do that?

I have quickbooks 18.0 contractor

2 Comments 2
ReymondO
Moderator

Income Recording

Good day, @Marahrob.

 

You can use the Undeposited Funds account to temporarily hold customer's payments in QuickBooks. 

 

This way, they will show as income and will be applied to your books. Here's how:

 

  1. Create an invoice. After your customer pays you, record the payment by going to the Customers menu.
  2. Select Receive Payments
  3. Choose Undeposited Funds in the DEPOSIT TO section.
  4. Check the payment you wanted to be deposited and click Save and close.

 undeposited funds QBDT invoice.PNG

If you're unable to see the DEPOSIT TO drop-down list, make sure to turn off the Use Undeposited Funds as a default deposit to account first. Simply follow these steps:

 

  1. Go to the Edit menu and select Preferences
  2. Click Payments and go to the Company Preferences menu. 
  3. Uncheck the Use Undeposited Funds as a default deposit to account box.

 undeposited funds QBDT turned off.PNG

Please check out this link for more details: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.

 

I've also included this article as an additional reference to know more about this account: What’s the Undeposited Funds account?

 

Let me know how else I can help you with QuickBooks by adding a comment below. I'm more than happy to lend a helping hand. Keep safe!

ReymondO
Moderator

Income Recording

Hi Customer, @Marahrob.

Hope you’re doing great. I wanted to see how everything is going about the recording an income recording issue you had [earlier/the other day]. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

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