Thanks for your follow-up, Dixon. Let me share a few things about recording transactions in QuickBooks Online and what you should fill in the fields you mentioned.
The Receive Payment feature functions to record customer payments against their invoices. When creating it, you need to enter certain fields to complete the process.
In the Payment method field, you need to select the method from the dropdown on how the customer is making the payment. It could be through a credit card, debit, PayPal, Venmo, or ACH bank transfer. You can also enter a new payment method if necessary by clicking +Add new.
For the Deposit to field, this refers to the account where the received payment will be deposited. This is typically your bank account or a specific undeposited funds account if you want to combine multiple payments before depositing them in the bank.
The Amount received section is the amount that the customer has paid against the invoice. This should match the actual payment amount you received from the customer.
Moreover, the Payment account when recording Pay Bills typically refers to the bank account from which you are making payments to cover your bills or expenses. It's the account from which the money is withdrawn to settle your financial obligations.
Once done with the recordings, you'll want to have a snapshot of your business transactions to view details of it by running reports in your QuickBooks Online account.
I hope that this information will aid you in initiating your task. Should you require additional guidance, please don't hesitate to respond to this message. Keep safe, and I wish your business continued success.
