We have many customers that come to us in a panic and tell us “I DID NOT MAKE THAT MUCH MONEY”! Recording income accurately is a big concern, especially at tax time. When you send your accountant your QuickBooks Online file, they immediately have you send in an estimated tax payment to cover this extra income. Why is this happening? …
Dealing with Deposits in QuickBooks
Where do the payments you receive in QuickBooks go? The software provides tools for managing deposits. Recording payments, whether they come in to comply with an invoice you sent or are issued as sales receipts, is one of the more satisfying tasks you do in QuickBooks. The sales cycle is almost complete, and you’re about to have more money in …
Why does QuickBooks have this account called Undeposited Funds?
Many of my clients ask me this question. I also had thoughts like this before I embraced the idea of how the account works. There are support projects we get where the client has avoided it all together making reconciliation more difficult. Let’s break it down. What the heck is it? Think of it as a drawer. You get a …