cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 2

Income transferred in as Uncategorized Asset

Hello! I am doing client clean up where they had not fully set everything up with Square when they started using it back in March. The square payments were transferred into Quickbooks, which of course put them in Uncategorized Assets. 

 

My question is this, is it better to do a journal entry removing it from the uncategorized to square income, or would it better to run it through clearing accounts into checking? These are old charges from the first of the year. 

1 Comment
Highlighted
Moderator

Income transferred in as Uncategorized Asset

Hi there, bb0228.

 

In cases like this, you can continue creating a journal entry, especially when your books are already closed. However, before we proceed with the steps, I highly suggest consulting your accountant or accounting professional for guidance on which account receives the debit and credit side of the transaction. 

 

To create a journal entry in QuickBooks Online (QBO), here's how:

  1. Click the + New button in the left navigation menu.
  2. Select Journal entry
  3. Fill out the fields to create your journal entry.
  4. Pick Save and new or Save and close.

For future reference, visit our Community page where you’ll find resources that will help grow and manage your business.

 

Keep me posted if you have any additional questions, as I'm always here to help. Take care.

Need to get in touch?

Contact us