How to Record Multiple Income Types in QuickBooks

It is very crucial to systematically record several income types in QuickBooks in the right manner. Often the Profit and […]

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It is very crucial to systematically record several income types in QuickBooks in the right manner. Often the Profit and Loss statements expand bigger than required since the customers do not understand that are other routes to review the details on the income types and customers. Know how to record multiple income types in QuickBooks.

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In all honesty, the income segment of the Profit and Loss must be a document, which is a summary of the prime income sources. It must be a document that can be promoted without disclosing important and confidential information. Such information includes sharing the financial position of your particular business with a stakeholder or outsider.

What are the Different QuickBooks Income Types?

Let us talk about the sources of money earned/income by a QuickBooks user. They can be from bookkeeping, tax work, or payroll services. All these three income types point out to one income account, known as the Service Income in the business’s Profit and Loss.

How to Record Multiple Income Types in the QuickBooks Accounting Software

When you develop a product or a service for sale in the accounting software QuickBooks, you must select an associated income account. Small businesses normally have one checking account that is utilized for expenses and income.

Several advanced setups may have several income accounts, to monitor different revenue types. By accessing different income accounts, you can develop more precise department reports, type of service, customer, or product.

Here is how you record several income types in QuickBooks:

Step 1: Press the Accounting tab that is available on the left side of the navigation bar.

Step 2: Choose Chart of Accounts.

Step 3: Select the New button that is in green and is present on the top-right side.

Step 4: Choose Other Income from the particular Account Type drop-down.

Step 5: Select the Detail type. Now Add a Name for the particular account.

Step 6: Press Save and Close.

Trying to record multiple income types in QuickBooks is not an easy job, especially for those who are new to the intricacies of QuickBooks.

In this article, we have highlighted all the steps on how to record multiple income types in QuickBooks in easy steps.

In addition to it, we offer consultation that can assist you to set up your QuickBooks account very easily and creating useful reports that can do wonders for your business. Furthermore, we help you to create a systematic and insightful Profit and Loss statement.

Do you need help with recording multiple income types in QuickBooks? Then get in touch with us.

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What is a Receive Payment Window in QuickBooks?

In simple words, the Receive Payment window offers assistance for registering payments that you wish to apply to invoices. An invoice generally includes many products and services that you wish to bill to a specific customer.

Generally, an invoice lets the customer pay up in a course of time on a particular payment plan. You can access the particular Receive Payments window by following certain steps in the prescribed order.

What are the Common Incidences in Recording Income?

Here are the common incidences or occurrences in recording income:

Type I Income
Type II Income
Income from Customer A
Income from Customer D
Income from Customer B
Income from Customer C

How to Create Revenue Accounts?

Here are the steps to create Revenue Accounts in QuickBooks:

Step 1: Press the Lists menu and then click Chart of Accounts.

Step 2: Press the Account button and click on New.

Step 3: Press the Type field and choose Income. Press on Continue.

Step 4: Finish the fields like Name, Memo, Description, etc. Check the particular box named Subaccount Of. Now select the parent account from the given drop-down list, in case it is applicable.

Step 5: Press Save and Close or click Save and Next in case you wish to add one more revenue account.

Note: In order to create Revenue accounts, it is imperative that you follow each and every step in the given format. Do not try to overlap or skip any step. Be consistent and follow one after the other.

How to Create Items in QuickBooks?

Here is how you create items in QuickBooks:

Step 1: Make Items.

Step 2: Press the Lists menu and then the Item List.

Step 3: Press the Item that is below in the list. Now press New.

Step 4: Choose an Item type that sync with the service or product that you are offering. If you are adding an item to monitor revenue for a particular service, choose the Service option.

Step 5: Press the Account drop-down list and choose the Income Account that you wish to use to monitor the revenue of the item.

Step 6: Finish all the item fields that are needed and then press Save and Next.

How to Record Revenue in QuickBooks?

Here are the steps to record revenue in QuickBooks:

Step 1: Press the menu that says, Customers and then press Create Invoices.

Step 2: Choose the drop-down that says Customer: Job and choose a Customer. In case you made a customer record, the details about the customer will show in the Bill to section. If it is not, add the customer name in the particular drop-down field Customer: Job.

Step 3: Now click the Enter key. Press yes, to access Quick Add and then add the details about the customer.

Step 4: Authenticate the Invoice Number and the Date fields. Check if the information provided is correct or not.

Step 5: Press the first blank row in the particular Item column and choose an item from the given list. The Rate and Description columns are already filled with the data you have given while developing the item. Add a Quantity for the particular item and press the new row in the given Item column to add a different transaction.

Step 6: Press the drop-down that says Print. Now choose Preview. Press Print if needed.

Step 7: Press Save and Close to shut the screen. You can also click Save and Next to make another invoice. The particular transactions get stored in the account you mentioned while making an item.

Features of Dancing Numbers for QuickBooks Desktop

Imports

Imports

Exports

Exports

Deletes

Deletes

Customization

Customization

Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

Customer Transactions

Invoice
Receive Payment
Estimate
Credit Memo/Return Receipt
Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

Bill
Bill Payment
Purchase Order
Item Receipt
Vendor Credit

Banking Transactions

Check
Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

Employee Transaction / List

Time Tracking
Employee Payroll
Wage Items

Others

Inventory Adjustment
Inventory Transfer
Vehicle Mileage

Technical Details

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Accountant Basic

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Pricing includes coverage for users
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Pricing includes coverage for users
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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


Which file types are supported by Dancing Numbers?

XLS, XLXS, etc., are supported file formats by Dancing Numbers.


What is the pricing range of the Dancing Numbers subscription Plan?

Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


How can I contact the customer service of Dancing Numbers if any issue arises after purchasing?

We provide you support through different channels (Email/Chat/Phone) for your issues, doubts, and queries. We are always available to resolve your issues related to Sales, Technical Queries/Issues, and ON boarding questions in real-time. You can even get the benefits of anytime availability of Premium support for all your issues.


How can I Import Price Level List into QuickBooks Desktop through Dancing Numbers?

First, click the import button on the Home Screen. Then click "Select your file" from your system. Next, set up the mapping of the file column related to the QuickBooks field. Dancing Numbers template file does this automatically; you just need to download the Dancing Number Template file.

To review your file data on the preview screen, just click on "next," which shows your file data.


What are some of the features of Dancing Numbers to be used for QuickBooks Desktop?

Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

Furthermore, using Dancing Numbers saves a lot of your time and money which you can otherwise invest in the growth and expansion of your business. It is free from any human errors, works automatically, and has a brilliant user-friendly interface and a lot more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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Bulk import, export, and deletion can be performed with simply one-click. A simplified process ensures that you will be able to focus on the core work.

Worried about losing time with an error prone software? Our error free add-on enables you to focus on your work and boost productivity.

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