I am fairly new to QuickBooks and bookkeeping (studying for my last ICB level 3 exam). When I first set up my company on QB, I was depositing money into my bank account and using 4790 nc for sales. Since I have been using QB properly (I think!) I have created and invoice, paid the invoice off and have an amount of money showing in sales income. Can I/should I move what's in 4790 into sales income? All my sales are for time (pet sitting) rather than items.
Hi Tara
Not sure what you mean. What is code 4790 in your chart and where does it fit ie is it in the income part? Also - when you say you are now doing invoices in QB - which code are you sending the fee income to now?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hi, so both are under the income section so I'm thinking maybe it doesn't really matter, but when I open my chart or account, there is no code against sales income (which is where my sales are going when I create and then pay an invoice) but code 4790 is next to 'sales' on the coa. I only noticed it when I ran a profit and loss report and it showed the two different sources of income.
Hi
No its not a big issue for the sake of keeping things tidy it probably is worth moving the old sales. So just do a journal entry between the two. Debit the old 4790 and credit the new sales.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Possibly in preferences, but Im not a QB user so cant say categorically. Backup and test your back yup before you alter anything just in case it skews everything.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I think it is to do with the way you have got the Sales invoices set up. when you create a new item when you our in sales invoices, you have to link it to one of the income accounts, just sounds like that may be abit skew somewhere. Easy to change in the system. I haven't got my QB's open at the moment, but I think it is in 'item' list.
I think it is to do with the way you have got the Sales invoices set up. when you create a new item when you our in sales invoices, you have to link it to one of the income accounts, just sounds like that may be abit skew somewhere. Easy to change in the system. I haven't got my QB's open at the moment, but I think it is in 'item' list.
The issue is that putting a deposit into the bank account does not pair it against an invoice. This function should only be used when cash etc. is injected into the bank account.
When recording the payment of an invoice, there is a drop down menu asking where the money is to be deposited e.g. the company current account, petty cash etc.
The plus with sorting out these things is that you will soon be adept on QB.
Thank you all so much for your help. I have set up my sales invoices correctly and moved the money to the correct account so it looks like I've got it all sorted with your help.
