How to record an inbound transfer on QuickBooks / Xero using Venn "Accounting"?

You may record funds you've received into your Venn account in a few ways depending on the needs of your bookkeeping.

How to create a ledger account in QuickBooks / Xero?

Step 1: Go to the Accounting section

Step 2: Select "Chart of accounts"

Step 3: Select "New account"

Recognize funds received as an Income (Revenue earned)

Note: You need to have created an Income ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate income account to categorize the inbound funds transfer you have received into your Venn account

Step 3: Select "Sync"

Recognize funds received as an Asset (Internal funds movement)

Note: You need to have created an Asset ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate asset account (i.e., where the funds came from) to categorize the inbound funds transfer you have received into your Venn account

Step 3: Select "Sync"

Recognize funds received as an Accounts Receivable (Invoice settlement)

Note: You need to have created an Asset ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate asset account (i.e., where the funds came from) to categorize the inbound funds transfer you have received into your Venn account

Step 3: Select the appropriate customer and invoice

Step 4: Select "Sync"

Recognize funds received as a Liability (Revenue unearned)

Note: You need to have created a Liability ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate liability account (i.e., recognizing a prepayment for a service not yet rendered to a customer) to categorize the inbound funds transfer you have received into your Venn account

Step 3: Select "Sync"

Recognize funds received as a Loan (Borrowed funds)

Note: You need to have created a Liability ledger account on QuickBooks / Xero.

Step 1: Go to Venn "Accounting"

Step 2: Select the appropriate liability account (i.e., recognizing loans borrowed) to categorize the inbound funds transfer you have received into your Venn account

Step 3: Select "Sync"