Hi there, @RahulS92.
If you have created a deposit or sales receipts, you have to take note of those transactions, delete them and then, create an invoice or a bill transaction. This is done to create accrual base transactions since you are going to record two separate events.
Example transactions of the accrual basis of accounting are:
- Invoice linked to an Invoice Payment
- Bill linked to Bills Payment
However, if you haven't created anything yet, you can start off by creating an Invoice transaction or a Bill transaction.
I also include this article that can be handy in the future with setting up accrual reports in QuickBooks Desktop that would help you verify your business' money movement: Differentiate Cash and Accrual basis.
Please don't hesitate to comment below if you need anything else with QuickBooks. I'll be here to help. Keep safe always!
