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KandiJane
Level 2

Customer Payment to Owner Account

I have a new client who is in the process of opening a business bank account but does not want to hold checks she has received for sales so she is depositing them into her personal account.  Upon recording the invoice/sale and then trying to record the receipt of the payment I do not have to option to record the receipt to an equity account, which is where it should be.  How can I "trick" QBO into doing this without making a mess.  My first thought is to record it to checking as if it's a  regular deposit and then do a journal entry to remove it from checking and put in into the equity account but this just seems messy and inefficient.  I know we all have clients who periodically get cash payments and don't deposit all of it so there should be some way to do this.  This makes me miss regular QB where I could just put things where they should go!!!

6 Comments
Rustler
Level 15

Customer Payment to Owner Account

The way you explained it is the best way in QBO

make a deposit in the amount of the income - I would use the cash bank account and not checking
then pay a payment out of the cash bank account and use the owner equity drawing account as the expense for the payment

 

it is not main equity, the money supposedly came into the company, then she took it out, that is equity draw

KandiJane
Level 2

Customer Payment to Owner Account

Thanks.   I figured that's what I would have to do.  I just don't think it should be that way.   Yes, I have separate Owner's Draw and Contribution accounts.  I just wish QBO was more flexible so I could accurately record transactions.   I thought it was supposed to make things easier,  not harder and more time-consuming. 

Malcolm Ziman
Level 10

Customer Payment to Owner Account

"This makes me miss regular QB where I could just put things where they should go!!!"

 

There is no option to record a receipt to an equity account in QB Desktop either

 

Rustler
Level 15

Customer Payment to Owner Account


@Malcolm Ziman wrote:

"This makes me miss regular QB where I could just put things where they should go!!!"

 

There is no option to record a receipt to an equity account in QB Desktop either

 


several ways to do it, easiest is to use make deposits, check the money from the sales receipt and use equity draw as the cash back account

QBDT is flexible

KandiJane
Level 2

Customer Payment to Owner Account

There may not be now but I have done it in the past.   Of course I've been using QB for 20+ years. 

Malcolm Ziman
Level 10

Customer Payment to Owner Account

"several ways to do it, easiest is to use make deposits, check the money from the sales receipt and use equity draw as the cash back account

QBDT is flexible"

 

Good idea. Thanks. You can do the same thing in QBO

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