LaCrews Bookkeeping’s Blog

If you have a simple sales-income operation, such as:
Give a Hair cut - Get a Check 

Don’t track customers.  Then, at the end of the day, you could Make Deposit, enter the checks and post each “from account” as being “haircut income” for example.

If you do complex customer invoicing but you get a rebate check from, let’s say, your insurance company, you can add that directly into the Make Deposits list, along with any entries that came from Undeposited Funds, posting to offset the original expense account, or an Other Income acount, as the “from account”

If you accept payments via Credit Cards, there are a few different ways to process this in QuickBooks.  One of them is to post to a clearing account, to wait for the postings from the credit card merchant bank. Then, you could make deposits of the amounts paid to your bank account.

Classes are one of QuickBooks most powerful features and one that is often under-utilized. Classes offer a straight forward means of segregating your business activities by Profit Center or Department. Thus, operating statements can be generated for individual segments of your business. You can use classes to track the following:

• Individual department’s payroll, overtime, income and expenses, etc. as well as the total for all departments.
• Totals for separate locations as well as the cumulative total for all locations.
• Different properties you own.
• Any other meaningful breakdown of the business you do.

To turn class tracking on
• From the Edit menu, choose Preferences.
• Select Accounting>Company Preferences.
• Select the “Use class tracking” checkbox.
• Click OK.