Let's make sure you'll be able to count the deposits from your eBay or PayPal account to your checking account so you can categorize them properly, CDASLLC.
In QuickBooks Online (QBO), you can transfer the money from one account to another. Sometimes, when you're recording a money transfer between two accounts, accidental duplication of the transactions is always a common mistake. You can enter the transfer as one transaction that affects both accounts if both appear in your Chart of Accounts, rather than entering a check in one account and a deposit in the other. To do this, follow the steps below:
- Select + New.
- Select Transfer.
- From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
- From the Transfer Funds To dropdown list, select the bank account that the money is going to.
- In the Transfer Amount field, enter the amount being transferred.
- Edit the Date field.
- Enter a description of the transfer in the Memo field (optional).
- Select Save and close or Save and new to complete the transfer.
- Select Yes if you double checked the date.
Once done, you'll have to make sure to match your downloaded transactions to the invoice so it won't double your income. To learn more on how you can also record a transfer using check and match them in your imported bank transactions, I've added this article for more details. Transfer Funds Between Accounts. Also, for the category that you'll have to use, I suggest seeking your accountant's advise so that they can properly guide you on the correct category how you'll have to go about it.
Furthermore, QuickBooks automatically downloads the latest transactions once you're able to connect your bank. For more information on how it tries to look for a match that you've entered, go through this article for your guide: Categorize and Match Online Bank Transactions In QuickBooks Online.
Please reach out to us if you have any other concerns about recording deposits. Remember, the Community is always here to assist you all the time.
