Welcome to the Community, jonathan. Helping you in recording your cash payments in QuickBooks Online (QBO) is my main objective.
It’s a good practice to keep recording your payments in the application to ensure the accuracy of your books. In this, I’d like to clarify if are you recording a cash payment made by your customers, a transaction you made to your vendor, or entering a cash payment on behalf of the other customer. Whichever it may be, I’ll still share all the steps that apply to your concern.
If you’re recording this transaction made by your client, we can use a sales receipt. However, if you have created an invoice for this, we can utilize the receive payment option in QBO.
To create a sales receipt, you can refer to these guidelines:
- Go to the + New icon.
- Select Sales Receipt under the Customers column.
- Choose the customer who made the payment.
- Enter the Sales Receipt Date.
- Choose the Payment method, which is Cash.
- Enter the Reference No. if you have, and select a Deposit to account.
- Enter additional details you may have, and select Save and Close.
However, if you initiate this payment to your vendors, we can create an expense transaction to record this entry:
- Go back to the + New icon and select Expense under the Vendors column.
- Select a Payee and a Payment account.
- Enter the Payment date, Payment method, and a Ref. no if there’s any.
- Select a Category, and enter a Description and Amount.
- If you have additional details to add, you can enter them into their respective fields.
- Once done, select Save and Close.
In case you initiated the transaction on behalf of the customer, please utilize the Billable Expense feature. To elaborate, billable expense is incurred on your customer’s behalf when you perform work for them. To be guided, please refer to the steps in this article: Enter billable expenses in QuickBooks Online.
Moreover, you can utilize various financial reports to get a snapshot of your business's financial growth. I also added a resource where you can refer to the complete guidelines for customizing it:
I’ll keep this thread open for your concerns and other queries about recording payments. I’m just a post away to guide you. Have a good one!
