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Marty18
Level 1

One bank deposit, three different revenue recognition dates

I have 1 bank deposit for $11,250 auto posting in QBs that represents three different months of revenue @ $3,750 per month (June, July, Aug)  How do I change the date of each of the revenue lines to separate each of the months to June, July and Aug? Each time I change the date to the entry, it changes all three revenue months to the same month.  Thanks!

Solved
Best answer April 08, 2021

Best Answers
TirzahC
Level 5

One bank deposit, three different revenue recognition dates

Good day, @Marty18.

 

It's good to have you back here in the Community.

 

Yes, entering revenues depend on the transactions that you want to track. You can record the payment as sales. Please note that recording a deposit isn't considered a sale in QuickBooks Online (QBO). It has to be linked to a sales transaction, such as a sales receipt or an invoice.

  1. Select + New.
  2. Go to Customers, then select Enter Sales Receipts.
  3. From the Customer: Job ▼ dropdown, select a customer or job. If the customer isn’t on the list yet, select Add New.
  4. Fill in the relevant information at the top of the form like the Date and Sale No.
  5. Choose the payment method.
  6. Select the item(s) included in the sale. When you select or add an item, the description and amount automatically populate the sales receipt form. You can change this anytime in the sales receipt.
  7. Select Save and close.

Once your sales transactions have been recorded, along with their respective payments, you can refer to this article on how you can match them to your bank feeds: Categorize and match online bank transactions in QuickBooks Online.

 

I'm looking forward to your reply. Have a great day.

 

View solution in original post

6 Comments 6
Rea_M
QuickBooks Team

One bank deposit, three different revenue recognition dates

You'll have to manually create three different revenue transactions for $3,750 with their appropriate dates to separate each month's data in QuickBooks Online (QBO), @Marty18. Let me guide you how.

 

The date of your transactions plays a big role to effectively manage your account's financial data. You'll first need to separate your revenues by manually creating them based on each month's (June, July, August) date. Then, match them to the downloaded bank deposit ($11,250) to avoid duplicates and keep your account updated.

 

After recording each month's revenue, you can follow these steps to match them with your downloaded bank deposit. Here's how:

  1. Go to the Banking menu.
  2. Select the tile for the account you want to review.
  3. Go to the For Review tab to start your review.
  4. Find a downloaded transaction with the Match option in the Action column.
  5. Note the DateDescriptionPayee, and amount spent or received.
  6. Select the downloaded transaction to expand the view. Then, review the Matching records found in QuickBooks. 
  7. Click the link next to each match to get more details.
  8. Once they're the correct match, close the open transaction(s).
  9. Select Match.

 

To know more about this process, you can refer to this article: Categorize bank transactions in QuickBooks Online.

 

Additionally, I'd recommend reconciling your revenue account every month. This way, you can detect any possible errors and manage your business's growth. For the step-by-step guide, you can check out this article: Reconcile an account in QuickBooks Online. It also includes details about reviewing past reconciliations.

 

Let me know if you have other banking concerns or inquiries about managing your transactions in QBO. I'm just around to help. Take care always.

Marty18
Level 1

One bank deposit, three different revenue recognition dates

Thank you kindly! 

And for manually creating the three separate revenue entries by month, should I use the "add a new sales receipt" or a different method?  I want to have them recorded as "miscellaneous revenue".  Thanks again!

MirriamM
Moderator

One bank deposit, three different revenue recognition dates

Hi there, Marty18.

 

You can use the sales receipts if you receive full payment at the time of the sale. This includes payments by cash, check, or credit card that is to be recorded on your income account.

 

To do this, here's how:

  1. In the left menu, click the + New button.
  2. Select Sales receipt.
  3. Choose a customer from the Customer drop-down.
  4. Enter the necessary information.
  5. Select Save and close.

For more details about this process, see this article: How to Record a Sales Receipt.

 

If I can be of additional assistance, please let me know by commenting below. I'll be around to help you out. Have a great day.

Marty18
Level 1

One bank deposit, three different revenue recognition dates

Thank you! Will this also record as revenue? (not just a cash receipt).

TirzahC
Level 5

One bank deposit, three different revenue recognition dates

Good day, @Marty18.

 

It's good to have you back here in the Community.

 

Yes, entering revenues depend on the transactions that you want to track. You can record the payment as sales. Please note that recording a deposit isn't considered a sale in QuickBooks Online (QBO). It has to be linked to a sales transaction, such as a sales receipt or an invoice.

  1. Select + New.
  2. Go to Customers, then select Enter Sales Receipts.
  3. From the Customer: Job ▼ dropdown, select a customer or job. If the customer isn’t on the list yet, select Add New.
  4. Fill in the relevant information at the top of the form like the Date and Sale No.
  5. Choose the payment method.
  6. Select the item(s) included in the sale. When you select or add an item, the description and amount automatically populate the sales receipt form. You can change this anytime in the sales receipt.
  7. Select Save and close.

Once your sales transactions have been recorded, along with their respective payments, you can refer to this article on how you can match them to your bank feeds: Categorize and match online bank transactions in QuickBooks Online.

 

I'm looking forward to your reply. Have a great day.

 

View solution in original post

Marty18
Level 1

One bank deposit, three different revenue recognition dates

Thank you!!

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