How to record a invoice as income
New to Quicken business here. I am sure my workflow is wrong here. I am mostly an all-cash business. So I create an invoice for my services and send it over to my customer. When they pay, I deposit the cash into my personal bank account because my business account does not accept cash. I then transfer the money over to my business account. I then mark my invoice as paid and send that over to my customer as a receipt with paid marked. In my register for my personal account, it shows as a transfer over to [Customer Invoices] and a deposit into this register. But it does not show up as an income on my reports. The good thing is that my invoice reports show my outstanding invoices. What am I doing wrong? Quicken Classic Business & Personal v R63.21
Answers
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Are the line items in your invoices correctly associated with a Business Income Category, e.g., "Other Inc, Bus"?
And is the category itself defined as a taxable line item, using "Schedule C: Other business income"?If that's correct, business income will be reported based on your selection of the accounting method, accrual or cash-based. For more details access Quicken Help (press the F1 key or select Help / Quicken Help) and search for "accrual".
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