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I pay my renters electric bill and he pays me back, but he rounds up the payment so I have two questions:
1. How do I apply his payment to my quickbooks, since I already paid the bill
2. Where should I put the extra money so I can keep track of his extra payment.
Thank you
Thank you, would I apply his payment to the payment that I made to the electric company? At this time it is concidered an expense, maybe I need to move it somewhere else? Thank you
Let me point you in the right direction on handling your concern, susanhd.
Based on the information, you can write a check for the expense. Then, deposit the payment.
I also recommend speaking with an accountant first for advice on handling the situation, particularly the extra money. This is to ensure the accuracy of your books.
While waiting for the complete details, let me help and show you the steps to enter the expense. Here's how:
Now that we're done creating the check, you can deposit the payment made by your renter. See the following article for detailed instructions: Record and make bank deposits in QuickBooks Desktop.
I've included some resources that will help you organize your cash flow, track sales, and receivables, as well as steps to record outstanding bills for your business:
Fill me in if you have any other QuickBooks concerns or questions about tracking transactions. I'd be delighted to respond to them.
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