EduardA
QuickBooks Team

Account management

Hi Samantha,

 

You can record the invoice as income instead of uncategorized assets by temporarily categorizing it into the Undeposited Funds account in QuickBooks Online (QBO) until you physically deposit the payments at your real-life bank. This helps you manage cash flow by allowing you to group multiple payments into a single deposit. To learn more about Undeposited Funds, you may want to visit this article titled What’s the Undeposited Funds Account?

 

Now, let me show you how to deposit your income into the Undeposited Funds account in QBO. Here's your guide:

 

  1. From the Sales menu, locate the invoice (that you have already created) in the Invoices section.
  2. Click the Receive payment option. 


     
  3. Adjust the Deposit To from Uncategorized Asset to Undeposited Funds and then hit the Save and close option.


     

If you decide not to place your income into Undeposited Funds, you can always consult an accountant for expert advice.
 

Moreover, I want to share the following article to guide you when you're ready to connect your bank with QuickBooks: Connect Bank and Credit Card Accounts to QuickBooks Online.
 

Furthermore, did you know you can get tailored guidance to keep your financial records organized and reduce stress at tax time? Our QuickBooks Live Expert Assisted service offers various help, such as properly categorizing transactions and resolving issues like mismatched balance statements.
 

Should you have further questions or need additional information regarding how you want your income categorized, just reply at your convenience. Have a great day!