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Recording/Making Deposits

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When we discussed “Undeposited Funds Account Use” a few months ago, it showed how to default all your customers payment into a temporary account (Undeposited Funds). Then by choosing which payments you deposit into your bank account, both the amount deposited and your bank statement will have the same dollar value to make reconciliation easier.
In other words, after you Receive Payment from your customers, you will have many payments ready to be deposited into your bank account.
To deposit it to your bank account choose Banking > Make Deposits from the Main Menu or choose Record Deposits icon from the Home Page:

1. The first window you will see is ‘Payments to Deposit’ window as shown below:

QB Recording  Making Deposits 1

 

You can view it based on payment method type by selecting it in its dropdown list. If you have multiple currencies, select appropriate currency. And you can also sort it according to payment method.
Then, you need to checkmark the payment(s) you want to deposit in the ‘Select Payments to Deposit’ pane and click OK when you are done.
You can click Select All button if you wish to deposit all payments.

 

2. You will then see a second window, which is a ‘Make Deposits’ window:

 

QB Recording  Making Deposits 2

 

Select to which account you deposit, date, memo, & currency if necessary.
If you need to add additional deposits, you can add it in the blank cell just below your last deposit (“Plumbers Union …” in above example) in the “Received from’ column.
Enter from which account in the ‘From Account’ column and fill in the rest of corresponding cells.
You can even withdraw some petty cash from your deposit – record to which account this cash goes to in the “Cash back goes to’ and its dollar value in the ‘Cash back amount’.
Click Save & Close when you are done.

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