Can someone help with the best process for reviewing bank transactions and receiving payments from clients? I've watched many videos and haven't found an answer to this specific question:
1. Enter invoice in QBO: On the same invoice we bill $50 for service (labor income account) and $100 for equipment (equipment income account). Note that right now I save it but do not send b/c we have not yet gone live.
2. Make a daily deposit with multiple checks from multiple clients
3 Go to the client and select "receive payment" for each check. If we do this how do we match the bank transaction then?
Alternative step 3:
Instead of receiving payment from the client page as described above, we can record the checks via the page with our imported banking transactions. We can split the transactions by various clients for total amount paid. However, we can't assign a correct category unless we pull up the invoice and split out each check (which is not feasible).
Questions:
1. What is the best way to do this?
2. Based on the answer to #1, what impacts my P&L: the way I record a banking transaction or what I invoice a client for?
Thank you to anyone who can help!
Hi there, @elecuyer.
Thanks for reaching out to the QuickBooks Community. I'm happy to see you here with us. I hope your day is going great!
I wanted to take some time to review our workflow for creating invoices, receiving payments, and matching the transactions to your bank.
First, you can simply create invoices using the steps I've included below. Please know that I've also covered how you can add bill expenses to them as well.
To add a bill expense to the invoice:
If you need some extra guidance to use our Bill Expense feature, feel free to check out Enter billable expenses.
Once your invoice has been created, you're ready to Receive the payment. Here's how:
You can match the transactions to your bank once you've received the payment. Here's how:
Additionally, I wanted to provide a couple of excellent articles that cover a lot of information about this process.
I'm here if you have any follow-up questions. Take care!
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