Show income that did not go through bank account

Hpr11 · ‎June 25, 2022

Here's the scenario. We do a service job for for shipping brokers example )$2000.00 and sometimes they take 30 days to pay. So we have factoring bank company who buys the bills from our company pays us the $2000.00 up front and they wait the 30 days. They charge a 2 percent fee and then send the rest to the bank. Also we have a fuel debit card with the bank company so if we want, they can put some of the money directly onto that card and then deposit the rest into our account. My question how do I show that our company made $2000.00 and show the fees and money that went onto our fuel card since it didn't go through our bank transactions?

JasroV · ‎June 25, 2022

Thanks for laying out the details of your concern with us, @Hpr11.

I'd be delighted to share some insights on how to account for your $2000.00.

You can make a $2000.00 bank deposit to your fuel card debit card account. Then compute the 2% fee and record it as an expense.

Furthermore, I highly recommend seeking assistance from your accountant. They can share with you other tips to accurately record this and calculate the 2% fee.

Nonetheless, here's how to record a deposit in QuickBooks Online (QBO):

Go to the + New menu.
Select Bank deposit.
From the Account drop-down, choose the account you want to put the money into.
Enter the needed details of the deposit.
Select Save and close or Save and new.

You can also read through this article for the more details: Record and make bank deposits in QuickBooks Online.

Once the transaction has passed through your bank, all that remains is to match it to your deposit. This way, we can avoid duplicate entries. You can utilize this resource for your reference: Categorize and match online bank transactions in QuickBooks Online.

Additionally, I got you this article that can help you seamlessly organize your accounts: Reconcile an account in QuickBooks Online.

If you have any further questions about managing your deposits and accounts, please do not hesitate to contact me. Simply include the information in your response, and I'll get back to you as soon as possible.

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Show income that did not go through bank account

Show income that did not go through bank account

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