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Record and Make Bank Deposit in QuickBooks like an Expert!

  • How To
With this issue arises a need to record and make bank deposit in QuickBooks effectively to sync your accounting records with your bank balance.

There are situations when you have to deposit numerous payments at the bank, and in most cases, all these payments are recorded as a single amount as they are being handed over together. This does not become a problem until the single amount does not match the multiple entries you make in your QuickBooks application. With this issue arises a need to record and make bank deposit in QuickBooks effectively to sync your accounting records with your bank balance. This blog aims to educate you on the same. Read it till the end for bonus tips!

We hope to provide you with as many details as possible; however, it is possible that you might require some additional guidance. Get in touch with our pro-advisors at +1(800)-578-0315 to receive prompt answers

Why Record and Make Bank Deposit in QuickBooks Is Important?

QuickBooks is an accounting software, which is why it is crucial to adhere to the motives of bookkeeping, that is, recording deposits-

  1. It keeps track of all banking activities.
  2. Maintains accounting records.
  3. Also takes into consideration deposits that do not fall under income, such as investments.

How to Record Bank Deposits in QuickBooks Online?

Step 1: Record Customer Checks as Undeposited Funds

Undeposited funds records an unlimited amount of customer checks into one deposit slip later recorded as a single amount in the check register.

How do I record a deposit in QuickBooks with an invoice?

It is important to apply a payment to the invoice paid by a customer. Here is how you can do so-

  1. Click on New.
  2. Press the Receive Payment button.
  3. This will open the QuickBooks Online Receive Payment window.
  4. On this screen, select your customer.
  5. Outstanding balance invoices will be displayed for the customer.
  6. Next, click on Sales.
  7. Select Customers.
  8. Locate the customer.
  9. Select the customer.
  10. In the list of transactions, verify these items-
    • The Invoice shows Paid.
    • The payment is marked as Closed.

How do I record a deposit in QuickBooks without an invoice?

You can record a transaction even when an invoice was not issued to the customer in return for products and services-

  1. Hit the New tab.
  2. Click on Sales Receipt.
  3. Record the items in Sales Receipt.
  4. You may choose to Print or Preview, or Email the Receipt.

Step 2: Combine and Record a New Deposit

Here you need to create the Deposit account into which you want to move the money that you deposited in the bank-

  1. Press the New tab.
  2. Click on Bank Deposit.
  3. Move to the Account menu.
  4. Select the account you which you wish to fund.
  5. Check the boxes for all transactions to be combined.
  6. Ensure that your deposit slip is in sync with the number of transactions selected.
  7. Hit Save & Close.

Step 3: Add Transactions from Undeposited Funds

Undeposited funds are the first point of contact for the amount that you deposited into the bank. Now you need to allocate these transactions to appropriate accounts because of get it done at no time-

  1. Navigate to the Bank Deposit window.
  2. Choose your bank account.
  3. Enter the date of deposit made.
  4. Check each customer to be included in the deposit created.

Step 4: Add other Transactions to the Deposit

Non-customary items such as vendor refunds and insurance proceeds are recorded in this section-

  1. Proceed to the Non-customer field.
  2. You can record the checks that are not a part of the Undeposited Funds.

Step 5: Record Cashback

The cashback can be a refund or waiver of the bank processing fee. Because you need to record that too-

  1. Move to the bottom of the screen to record items that have been received as a Cashback.
  2. Any cashback received at the time of deposit must be registered with the account and amount.
  3. Your Bank Deposit in QuickBooks is now good to go.

BONUS Tips to Record and Make Bank Deposit in QuickBooks!

Review previous Deposits

You can check the past deposits made to the bank in the enterprise’s name. Follow these steps-

  1. Click on Reports.
  2. Select Sales and Customers.
  3. Press the Deposit Detail Report button.
  4. All completed transactions will be displayed on the screen.
Remove a Deposit Payment

If a payment was added in the records as an error, you could erase it easily following these steps-

  1. Click on Sales.
  2. Tap on All Sales.
  3. Locate the Closed payment you wish to remove.
  4. Choose the appropriate Date Link.
  5. The particular deposit will be displayed on the screen.
  6. Uncheck the box for the payment you want to remove.
  7. Hit Save & Close.
  8. This will move the payment to Undeposited Funds.
Delete a Deposit

If you wish to restart the whole process by deleting records, here is how you can do so-

  1. Click on Accounting.
  2. Tap on the Chart of Accounts.
  3. Locate the account in which the deposit was made.
  4. Select the Account History.
  5. Locate and select the account deposit you wish to remove.
  6. Hit Delete because of do not show it again.
  7. This will move the deposit to Undeposited Funds.

It is essential to record and make bank deposit in QuickBooks if you made multiple deposits at your bank. This not only prevents errors in record maintenance but is also necessary to keep your books up to date. We will now conclude our blog, hoping it to be useful for you. For further assistance, you may get in touch with our data repair service team at +1(800)-578-0315.