Thanks for joining here in the Community thread, @ynnj.
First off, I appreciate you for following the steps recommended above by my colleague. Truly, no task is impossible if we work together. Allow me to chime in on this conversation and assist you in recording the disbursement of the funds taken from the ERC deposit.
We have two options, to create an expense or write a check. To create an expense, please follow these steps:
- Go to the + New icon then select Expense under Vendors.
- Fill out the expense details.
- In the Payee section, select the appropriate vendor or client who issued the check.
- Select the bank account from which the funds were disbursed in the Payment account field.
- In the Category column, select the account to which the disbursement amount should be allocated.
- Enter the amount and fill in all the necessary fields.
- When done, hit on Save and close.
On the other hand, you can also consider writing a check.
However, I'd still suggest consulting your accountant to better advise you on the best way to record this and offer other options. This way, we can be sure that your books won't be messed up and that everything is recorded accordingly.
Additionally, please know that QBO has this feature that allows us to personalize our reports and focus on the data that matters the most to us. This includes choosing specific accounts, customers, clients, dates and even altering the format. To know how to utilize this feature, feel free to browse through this article: Customize reports in QuickBooks Online.
Keep your posts coming if you need a hand in recording disbursements in QuickBooks Online. I'd be glad to lend a helping hand and help you complete your business tasks. Assistance is just a reply away. Keep safe and have a good one.
