QB Issue Resolution:

I’m delighted to share some information on how you can record your sponsorship payments by creating and recording a sales receipt.

 

For starters, mixing your business and personal finances is not really advisable. Since you’re only using one bank account where your YouTube and Sponsorship are deposited, your Personal Bank account is your Deposit to in recording your invoice payments and Sales Receipts.

 

To create a sales receipts, here’s how:

  1. Go to Sales.
  2. Under All Sales tab, click New Transactions.
  3. Choose Sales Receipt.
  4. Enter the details of your customer.
  5. Select the Product or Services item and the amount.
  6. Click Save and Close.

 

To create a Product or Service Item, here’s how:

  1. Click Sales.
  2. Go to Product and Services tab.
  3. Click the New button.
  4. Select Service.
  5. Enter all the necessary information about the service item.
  6. As for the income account, choose Service. (The account you select is what QuickBooks will use to categorize income once a sale is complete.)
  7. Click Save and Close.

 

Aside from using a sales receipt, you can also  create an invoice and then record a payment for it.

 

You may check out these articles for additional insights:

That should do it!

Resolution for Issue 'I am trying to get this setup for my wife’s YouTube channel/business. When we get paid from YouTube, it is not via invoicing or anything – YouTube simply deposits x dollars in our account. But we do need invoicing for sponsorships. Before we was making anything on this, we was simply depositing the money in our personal account. Now we are trying to make this a business and trying to get books balanced. I have never did any type of accounting beyond our personal bank account. When I try and use a Sales Receipt to input the payments into an account called ‘Personal Account”, if I have the Service selected when creating the sales receipt, it shows a negative balance in one account and the correct positive balance in the other account. Am I doing this wrong? How can I input the payments from YouTube and it work correctly? EDIT: Discovered this was due to the fact that I was not selecting a Service Income account when setting up the product.' available: Yes (Solved).
Source: Intuit Community forum.

I am trying to get this setup for my wife’s YouTube channel/business. When we get paid from YouTube, it is not via invoicing or anything – YouTube simply deposits x dollars in our account. But we do need invoicing for sponsorships. Before we was making anything on this, we was simply depositing the money in our personal account. Now we are trying to make this a business and trying to get books balanced. I have never did any type of accounting beyond our personal bank account. When I try and use a Sales Receipt to input the payments into an account called ‘Personal Account”, if I have the Service selected when creating the sales receipt, it shows a negative balance in one account and the correct positive balance in the other account. Am I doing this wrong? How can I input the payments from YouTube and it work correctly? EDIT: Discovered this was due to the fact that I was not selecting a Service Income account when setting up the product.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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