Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I am entering my company's financials into quickbooks (cash…

I am entering my company's...
I am entering my company's financials into quickbooks (cash basis) and need to know how to deal with two situations:
1) how do I enter a credit to a credit card from cash back bonus (right now I'm using credit from cash, but that depletes my cash account and it is negative right now, which it can't be)
2) how do I enter when I re-deposit my own paycheck into the corporate account because I need money in that account (right now I'm using a debit to shareholder distribution, but it doesn't feel right)
Show More
Show Less
Ask Your Own Finance Question
Answered in 16 minutes by:
9/21/2017
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,086
Experience: Tax professional and business consultant for 35 years.
Verified

Hi from Just Answer. I'm PDtax, and can assist.

Ask Your Own Finance Question

1) how do I enter a credit to a credit card from cash back bonus (right now I'm using credit from cash, but that depletes my cash account and it is negative right now, which it can't be)

Let's say your business credit card total is $1000 for the month, and you get a $20 credit, making the total $980. You can debit Vis* #1 for $1,000, credit cash fpor the check and credit rebate income for $20.

2) how do I enter when I re-deposit my own paycheck into the corporate account because I need money in that account (right now I'm using a debit to shareholder distribution, but it doesn't feel right) It is right. Your shareholder distribution (I call it shareholder draw) will be the net of the two, and you can fix it at year end.

If cash is that tight, I suggest not taking a paycheck for the week, since you are paying taxes and insurance on money you are not getting. Saves all those taxes, reduces your W-2, etc.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.

Ask Your Own Finance Question
Customer reply replied 10 months ago
Thanks, ***** ***** cash rebate is not income, it is tax free

I never said it was taxable. It's a book to tax adjustment. An m-1 item. Remove it from book income for tax.

Please rate to complete your request.

PDtax

PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,086
Experience: Tax professional and business consultant for 35 years.
Verified
PDtax and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,086
5,086 Satisfied Customers
Experience: Tax professional and business consultant for 35 years.

PDtax is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I don't have a tax question I have a bookkeeping question
I don't have a tax question I have a bookkeeping question regarding intercompany receivables/reimbursements … read more
Carter McBride
Carter McBride
LLM
1,189 satisfied customers
I"m not sure how to book a insurance refund check we
Hello, I"m not sure how to book a insurance refund check we received due to an employee being over charged. We use Quickbooks. I have already ran the reimbursement through payroll and paid the employe… read more
Kelly McGlynn
Kelly McGlynn
Bachelors of Science
31 satisfied customers
We took out a loan for $50,000 to make some vehicle
We took out a loan for $50,000 to make some vehicle purchases. The purchases were $24,000 and $20,000, with a cash deposit of $5,000. Before the loan was paid off, we borrowed an additional $25,000 to… read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,086 satisfied customers
How to show in accounting books for checks written to
How to show in accounting books for checks written to oneself who an officer of the company does not run pay toll but take K1 at the year end of his own S corporation… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
146 satisfied customers
My company takes a 50% deposit on all jobs. When this is
My company takes a 50% deposit on all jobs. When this is deposited, what account should be credited. … read more
Carter McBride
Carter McBride
LLM
1,189 satisfied customers
I am working on my wife's retail store accounting, using
I am working on my wife's retail store accounting, using QuickBooks 2017. Throughout 2016 and 2017, credit card sales were deposited to the checking account by the card processing service, but not aut… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
We have checks for rent that we accept for a landlord and
we have checks for rent that we accept for a landlord and deposits the payments directly into their bank account. We invoice the clients through QBO and when we receive the payment we apply it to the … read more
Emilee Weaver
Emilee Weaver
Controller
Masters of Professional Accounting
90 satisfied customers
For ABC Accounting only. If that's not you, please don't
For ABC Accounting only. If that's not you, please don't respond. I'm still having a bit of a problem with entering stuff in Quickbooks. My accounts payable says 21,718.02, when it should be 12,408.51… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I need help with a non-profit. Can someone take a look at
I need help with a non-profit. Can someone take a look at these reports and tell me if I'm on the right track. I'm picking up from a previous bookkeeper who really did not have a grasp on the basics. … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
Lane, I have an accounting journal entry I've been trying to
Hi Lane,I have an accounting journal entry I've been trying to figure out how to create to no avail. I'm hoping you can help me.Here's the situation:I have a client that receives in a payment of $8,72… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am very stressed out! I bought an art gallery two years
Hi, I am very stressed out! I bought an art gallery two years ago and had never owned a business before. My past CPA never explained Quickbooks to me and I had to figure everything out on my own. My o… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I started a new company in 2016 and my new company assumed
I started a new company in 2016 and my new company assumed the credit card balance of my old company. How do I account for this in Quickbooks and when doing my taxes? I am assuming I would need to cre… read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,086 satisfied customers
I need someone to help me out with this project: do a
I need someone to help me out with this project: do a paycheck manually/pencil/paper One Employee Gross wages= $3,000, a biweekly payroll, note has Simple 401k deferral of 8% (with a company match of … read more
PDtax
PDtax
CPA, MBA
Master's Degree
5,086 satisfied customers
I need a CPA that has good knowledge of medical accounting
I need a CPA that has good knowledge of medical accounting especially integrating AR billing in another software to Quickbooks… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
Hi I am using Waveapps.com so I connected my bank account to
Hi I am using Waveapps.com so I connected my bank account to Wave and that shows all my bank transactions. One type of transaction is where I have taken cash from the Incorporated company account thro… read more
Robert M.
Robert M.
Bachelor\u0027s Degree
3,166 satisfied customers
I recently purchased 66% of an S-corp from someone who was
I recently purchased 66% of an S-corp from someone who was retiring. In quickbooks for the company it shows contributed capital of $176,000 from that owner who just retired. It is being shown as equit… read more
WebCPA
WebCPA
Manager
Bachelor's Degree
62 satisfied customers
I need an accountant, do you have one that I can talk to.
I need an accountant, do you have one that I can talk to. I already have an account with you.… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
I have a client who has an LLC, the LLC became a shareholder
I have a client who has an LLC, the LLC became a shareholder in an S corp and the S corp has made a distribution to the LLC.....how should I record the distribution in the LLC...it is not income, does… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x