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susanhd
Level 1

Not sure where to put extra money

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

3 Comments 3
Adrian_A
Moderator

Not sure where to put extra money

Hello there, susanhd.
 
Keeping track of your customers/renters payment is important for your business. I'm here to guide you through the process to ensure accuracy of your books.Just to be sure, did you make an invoice for your renter? If so, you can use the Receive payment option to record their payment as usual and input the exact amount you got from them. Here's how:
 
  1. Go to the Customers menu, select Receive Payment.
  2. In the Received From drop-down, select the customer's name.
  3. Enter the Amount received.
  4. Make sure the date is correct, then choose the Payment method.
  5. Select the invoice or invoices you'd like to pay.
  6. Hit Save & Close.

 

The extra money will be converted to a credit that can be used to upcoming invoices.
If you haven’t made a transaction yet, you can create a sales receipt and issue a credit memo for the excess amount. Check out the following resource for a more detailed instruction:
 

 

Also, if you want to review past bank deposits, you can run the Deposit Detail report. Here's how:
 
  1. Select the Reports menu. Then select Report Center.
  2. Select the Banking section.
  3. Find the Deposit Detail report, then select the Run icon.

 

I'm a post away whenever you have concerns about recording transactions.
susanhd
Level 1

Not sure where to put extra money

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

Rasa-LilaM
QuickBooks Team

Not sure where to put extra money

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:

 

  1. In your company file, head to the Banking menu at the top bar and choose Write Checks
  2. This will direct you to a screen that lets you input the transaction details. 
  3. From there, fill in the fields with the correct information. 
  4. Head to the Expenses tab and select the account you wish to use for the transaction. 
  5. Enter the correct figure you've paid for the electric bill in the Amount column. 
  6. Click Save & Close.

 

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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