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Level 2

When selecting a service in Sales Receipt, it causes a negative balance

I am trying to get this setup for my wife's YouTube channel/business. When we get paid from YouTube, it is not via invoicing or anything - YouTube simply deposits x dollars in our account. But we do need invoicing for sponsorships.

 

Before we was making anything on this, we was simply depositing the money in our personal account. Now we are trying to make this a business and trying to get books balanced. I have never did any type of accounting beyond our personal bank account. 

 

When I try and use a Sales Receipt to input the payments into an account called 'Personal Account", if I have the Service selected when creating the sales receipt, it shows a negative balance in one account and the correct positive balance in the other account. Am I doing this wrong? How can I input the payments from YouTube and it work correctly?

 

EDIT: Discovered this was due to the fact that I was not selecting a Service Income account when setting up the product.

Solved
Best answer January 07, 2019

Best Answers
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QuickBooks Team

When selecting a service in Sales Receipt, it causes a negative balance

Hello there, @KraftsbyKatelyn.

 

I'm delighted to share some information on how you can record your sponsorship payments by creating and recording a sales receipt.

 

For starters, mixing your business and personal finances is not really advisable. Since you're only using one bank account where your YouTube and Sponsorship are deposited, your Personal Bank account is your Deposit to in recording your invoice payments and Sales Receipts.

 

To create a sales receipts, here's how:

  1. Go to Sales.
  2. Under All Sales tab, click New Transactions.
  3. Choose Sales Receipt.
  4. Enter the details of your customer.
  5. Select the Product or Services item and the amount.
  6. Click Save and Close.  

 

To create a Product or Service Item, here's how:

  1. Click Sales.
  2. Go to Product and Services tab.
  3. Click the New button.
  4. Select Service.
  5. Enter all the necessary information about the service item.
  6. As for the income account, choose Service. (The account you select is what QuickBooks will use to categorize income once a sale is complete.)
  7. Click Save and Close.

 

Aside from using a sales receipt, you can also  create an invoice and then record a payment for it.

 

You may check out these articles for additional insights:

That should do it! Feel free to click the Reply button if you have other questions about managing your income transactions. I'm always here to help.

View solution in original post

3 Comments
Highlighted
QuickBooks Team

When selecting a service in Sales Receipt, it causes a negative balance

Hello there, @KraftsbyKatelyn.

 

I'm delighted to share some information on how you can record your sponsorship payments by creating and recording a sales receipt.

 

For starters, mixing your business and personal finances is not really advisable. Since you're only using one bank account where your YouTube and Sponsorship are deposited, your Personal Bank account is your Deposit to in recording your invoice payments and Sales Receipts.

 

To create a sales receipts, here's how:

  1. Go to Sales.
  2. Under All Sales tab, click New Transactions.
  3. Choose Sales Receipt.
  4. Enter the details of your customer.
  5. Select the Product or Services item and the amount.
  6. Click Save and Close.  

 

To create a Product or Service Item, here's how:

  1. Click Sales.
  2. Go to Product and Services tab.
  3. Click the New button.
  4. Select Service.
  5. Enter all the necessary information about the service item.
  6. As for the income account, choose Service. (The account you select is what QuickBooks will use to categorize income once a sale is complete.)
  7. Click Save and Close.

 

Aside from using a sales receipt, you can also  create an invoice and then record a payment for it.

 

You may check out these articles for additional insights:

That should do it! Feel free to click the Reply button if you have other questions about managing your income transactions. I'm always here to help.

View solution in original post

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Level 2

When selecting a service in Sales Receipt, it causes a negative balance

Thank you for your input on this! I have another related question.. When YouTube pays us, it is via a deposit. I started by manually creating sales receipts, then to save time, I created a rule in Banking to auto create the transaction in quickbooks. 

 

Now I just realized that this doesn't create a sales receipt. Is there anyway to auto-create a sales receipt for my own book-keeping? Its only once a month, but it would be way easier considering all the random incomes we have that only needs a record and not a invoice (such as Amazon affiliate, Shareasale Affiliate, etc) where you just get paid what you earn and not really a product sale.

Highlighted
Moderator

When selecting a service in Sales Receipt, it causes a negative balance

Hello there, KraftsbyKatelyn.

 

Allow me to continue to help you through this.

 

Automatically creating a sales receipts for the previous transactions is not an option in QBO. You'll want to manually create a sales receipt for those items.

 

Moving forward, you can create a recurring sales receipt and set it up to auto-create once a month. Below are the steps on how to create a recurring sales receipt:

  1. Go to gear icon.
  2. Select Recurring Transactions.
  3. Select New.
  4. From the Transaction Type drop-down menu, select Sales Receipt, then OK.
  5. Fill in the necessary information.
  6. Select Save template.

Should you have other questions on how recurring sales receipt works in QBO, don't hesitate to let me know and I'd be glad to help.

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