$$$ Deposits

[rhodesx6]

How do you do your deposits and bookkeeping?? I have just started using QuickBooks and am trying to figure if ea. individual acct should be itemized for deposit or lump sum. Either way I keep track on paper of who and when, but what about in QuickBooks? Someone told me Uncle Sam doesn't like lump sums deposited without numbers of who each person and paid how much.

[steve-o]

i use quickbooks and keep a paper record as well.

How do you do your deposits and bookkeeping?? I have just started using QuickBooks and am trying to figure if ea. individual acct should be itemized for deposit or lump sum. Either way I keep track on paper of who and when, but what about in QuickBooks? Someone told me Uncle Sam doesn't like lump sums deposited without numbers of who each person and paid how much.

with quickbooks you should have your monthly invoices or however you do it entered which shows who owes what. when you recieve a payment, you just enter it with the check # or cash. when you are ready to make a deposit you just click on the ones you wanna deposit. you can print out a slip or a statement showing the deposit with who, how much, and the date.

steve

[irritech]

If you collect daily for each job then use the "create sales receipt" button and enter that way. then record as one deposit. You still make only one deposit but you have a record for each payment.

[rhodesx6]

Thanks for the info guys. This thing is pretty intimidating for me.