Quickbooks Income Account Issue

Talon H. shared this question ago

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I'm having trouble setting up IO so that it works well with QB. Both accounts are new as of January of this year.

I've read through the FAQ guide and followed these specific steps:

How can I edit the Quickbooks income account for my products and services?

In Quickbooks, go the Settings (gear icon), then click on Products and services (under Lists).
Find the products you are looking for.
Click Edit.
Change the Income account to whatever you would like it to be for the future. IO will never override any changes you make to the income account.

Everything actually looks good when reviewing the income accounts under the products and services lists. However, it looks like perhaps IO is putting the payments in the income accounts, but categorizing the invoices using an Accounts Receivable account that I'm actively using for something else...does IO need to use the A/R account? I don't see anything mentioning it, just slightly confused and not wanting to go out and find a bookkeeper over something like this.

Thanks!

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Comments (1)

Chad B. ● 9 months ago

IO has to use one to record the payments being made. From there your card processor should also record income. Then you make a "bank deposit" to connect all the IO payments to the single deposit made by the processor. This function is very key to accurately recording your income transactions. If you're doing this process, it shouldn't really matter that you're also using that account for something as long as it's getting zero'd out eventually because you want to always be collecting the money from those who owe it to you.

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Talon H. ● 9 months ago

It may end up the same on the books, but it makes it harder to track what's really going on, especially if things aren't zeroed out at some point (which is what I'm experiencing right now). With the two account uses mixed together it's hard to see what's balancing and what isn't. I really just need to split the two. If there's no way to tell IO to use a different account, then I'll have to change the other one and recategorize all the non-IO transaction history.

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