It becomes very hectic to search for any single income source urgently out of all available when you have not arranged any of them properly. In such a case, to make things easy and convenient, it is necessary that one must arrange all the different income types accordingly , so as to make it easy for later.
Infact, sometimes, due to this only reason, the Profit and Loss statement expands as compared to the required one which is too troublesome. There are a lot of other routes to record multiple income types in QuickBooks.
Read the article below to find out.
The income side of Profit and Loss should be shared as a document. Since the Profit and Loss shows a brief of the income sources , it must be a document used for showing that summary without sharing any information regarding financial position of business or any of the shareholders.
Usual Incidents while Recording Income
Once a client gave a too lengthy statement of Profit and Loss. It not only had a different income account for each customer, yet also, a deferred income account for each of them. The accounts even had sub accounts. It was very hard to summarise and read the whole length which makes it a more crucial task to get better ways to access the same. Therefore, you must know how to record several multiple types of income in QuickBooks to avoid the situation with you.
What are the Several Types of QuickBooks Income
A QuickBooks user earns money through a lot of sources which are mentioned below :
- Income from Bookkeeping
- Income through services of payroll
- Tax work earned income
These three types of QuickBooks income are to be noted in a single income account in any business’s Profit and Loss, primarily known as the Service income.
Read Also :- how to unvoid a check in quickbooks
Procedure to Record Multiple Income Types in QuickBooks
After making a product or service in order to sell it in Quickbooks software, one needs to select an appropriate income account for the same. Usually, one with a small business opt for a single account to record all their expenses and income.
Yet, if you have many setups, you too need to have several income accounts to manage those setups properly and get an appropriate report of the revenue. It is advantageous to use several income accounts as it helps you to be more precise regarding service, customer, reports and products.
Therefore, in order to record several income types, follow the below steps :
- Accounting Tab – First of all, you need to click on the accounting tab present at the left side of the navigation bar.
- Chart of Accounts – The next step is to click on the Chart of Accounts and proceed further.
- New button – Then, at the top right side, you’ll find a New button in green. Click on it.
- Other Income – In the specific Account type drop down menu, you’ll see Other income. Select it.
- Adding a name – Click on the detail type and then proceed by adding a name to that particular account.
- Final task – Now, you only need to click on Save and then close it.
Final words!
Recording in Multiple Income types of Quickbooks allows you to access ease and convenience and further get advantage of a brief summarised Profit and Loss that is easy to read.
If you are new to Quickbooks, it must not be an easy task for you to shift to multiple income types, thus, we have provided you with the most simple steps to do the same.
If you still face issues regarding your inability to add multiple income types, you can seek our help.
You can contact QuickBooks Support Line whenever you wish,as we are here for you 24*7 and get rid of your problems related to QuickBooks by professionals.
Some Related Frequently Asked Questions (FAQs)
Ques 1 – How to record income in Quickbooks?
Ans – In order to record income in QuickBooks, follow the following steps –
- Make an invoice and then go to the customers menu to fill the payment once your customer pays you.
- Then, click on Receive Payments.
- Go into the Deposit section and choose undeposited funds.
- Check mark the payment you wanted to get deposited.
- Select save and then close.
Ques 2 – How to record rental income in quickbooks?
Ans – In order to record rental income –
- First, open the customer menu that you’ll find at the home screen.
- Click on Receive Payments.
- In the accounts drop down menu, click on the receipt account.
- In the customer list, you’ll find Tenant. Select the correct one.
- Then continue by entering the amount of payment.
- If there are more than single payments, you need to select the Group with other undeposited funds.
- Then, click on next and enter the rest of the rent receipts.
- Save it and then finally close.
Ques 3 – How to record Interest Income in QuickBooks?
Ans – You can record the interest income in quickbooks with the use of 2 methods. Either you can go and fill the reconciliation page or you can start by creating a new account.
For creating a new account, follow the below steps :
- First, visit the accounting tab at the left side.
- Then, click on Chart of Accounts and then select New.
- Select Other income in the Account type drop down list.
- Continue by choosing Interest Earned in the detailed type drop down menu.
- Write a particular name in that box.
- Click on save and close.
Then, go to the Plus icon and select Bank Deposit in order to fill the amount. After that follow the below steps :
- At the deposit page, select the account created by you.
- After that, enter the amount.
- Click on Save and then close.