I am a psychologist. I have two primary income streams.
1) Private practice patients that pay me through my EHR, Simple Practice. Simple Practice has integrated invoicing and enables me to accept CC payments via Stripe. Simple Practice then transfers the money to my bank account.
2) From Lyra, a insurer that I am in-network for.
In all of these cases, I am not invoicing and charging my customers through Quickbooks. Rather, the income is coming through these other platforms and is subsequently deposited into my business checking account.
I think I should categorize the income as
Category: Services (since i am delivering psychotherapy, I believe this should be categorized as Services not Sales)
Vendor/Customer: Simple Practice or Lyra. And I would categorize each of those as a Vendor? (or would I categorize them as a Customer?)
On a side note: The way the income shows up in my checking account (and therefore in Quickbooks), I don't have the income assigned on a patient-specific basis, but I have that tracked in my EHR, which is sufficient for me. I want to just use Quickbooks to track my overall cash flow and profit, including income across private practice (simple practice) vs insurance (Lyra), and my individual expenses (which come in directly to my credit card, which is linked to Quickbooks). And I believe that's also sufficient for my tax returns. Please let me know if I'm missing something here!
Thank you in advance!
