Deposit in QuickBooks refers to the record into a bank account. It manages the flow of money into your business bank account. Depositing in QuickBooks helps to match your real bank records, it can group multiple payments in one deposit, prevents double income recording, and captures non-customer income, etc.
It ensures that your money is accurately recorded and grouped. This article will definitely help you to maintain your business’s money. Deposit in quickbooks means depositing many payments at once, It maintains the deposits in an organized and clean way with the guarantee of accuracy.
Record a Deposit in QuickBooks Online
To record a deposit in QuickBooks Online, you have two options. First one is that you can go to the bank deposit feature, and on the other hand, you can enter the details manually. Both options work effectively. Here are some methods of recording deposits in QB Online.
Method 1: Record by Using the Bank Deposit Feature
- On the top left of the screen, click on the new button and select the bank deposit option.
- Decide on the bank account and the deposit date.
- Select the payments and add the deposit.
- Check the payments to ensure the deposit amount.
- If needed, you can increase the deposit amount.
- Then, check the total, it should match with actual deposit in your bank.
- Lastly, click on the save button.
Method 2: Manually Record the Deposit
- Firstly, you have to sign in to your QB online account.
- From the left, go to the +New button.
- Under the Vendors and others, select the Bank Deposit.
- Select the bank account on the bank deposit screen.
- Then, set the date of deposit and select vendor/customer or type manually.
- Choose the account and ensure the payment method, like check, cash, credit card, etc.
- At last, enter the amount and save.
Method 3: Enter Deposit from the Sales Receipt
- To enter deposits from the sales receipt, create a sales receipt and choose the deposit account.
- Go to the + New and then sales receipt.
- After that, fill out the details: Customer name, Payment method, Amount, and Product services sold.
- Next, decide which bank account will receive the funds.
- Lastly, save and close it.
Method 4: Enter Deposit from Customer Payment
- Choose bank deposit under the + New option.
- Select the bank account on the Bank Deposit screen..
- Select the received payment transactions.
- Check the entire amount of the deposit and compare it to the customer’s payments.
- Add any funds or fees to the deposit amount if needed.
- Then save and close the file.
Method 5: Deposit Money using the Home Screen
- The first step is to sign in to your QuickBooks Online account.
- Open the home screen dashboard and search for the + New Button.
- Under the Customers/Vendors section, click on the bank deposit and follow the on-screen instructions.
- Click on the account in which you are depositing the money and set the date of deposit.
- Now you can see the received from option and enter on customers/vendors/source.
- Open the Account Field, select that the money is coming from sales or accounts receivable.
- Now confirm the payment method and deposit amount. (If you’re adding multiple payments, you can enter each one in a separate line.)
- Finally, make sure the total amount matches the amount on your bank deposit slip.
Method 6: Deposit Money Using the Bank Register
- Log in to your QuickBooks account, same like others.
- Look at the left menu, click Accounting, and then Chart of Accounts.
- Select the bank account into which you want to make the deposit.
- On the right side of that account, you can find View Register or Account History.
- In the bank register, you can add a deposit by clicking on it.
- Complete the information to proceed with the deposit process. Details are: Date, Received From, Select Account, Payment Method, Amount, and Memo(Optional but helpful for tracking).
- Then, save the deposit.
Record Deposit in QuickBooks Desktop
To fund QuickBooks Desktop, you’ll usually use the Make Deposits function. This could be for customer payments, cash deposits, loans, or other forms of income.
Deposit Existing Payments (From Receive Payments or Sales)
- Click Make Deposit after selecting the banking option.
- You can see the Payments on the deposit window and select the payments you want to deposit.
- On the make deposit window, follow the instructions and fill in the details.
- Choose the deposit account.
- Next, confirm the payment method and specify the deposit date.
- Review and add any Memo If needed and save the deposit.
Deposit New Money (Not Linked to an Invoice or Sale)
- Go to the banking option and select make a deposit, same as the existing payment method.
- Click cancel if the deposits to the deposit window are displayed.
- In the make deposit window, select the bank account and enter the date of deposit.
- Under the deposit line, enter the money received from the owner, bank, etc.
- Then choose the account, for example: Owner’s Equity, Loan Payable, Miscellaneous income.
- Then select the payment method and enter the amount.
- You can add Memo and Class. (If needed, and using Classes)
Delete Deposit in QuickBooks Online & QuickBooks Desktop
QuickBooks Online
- To delete deposits in QuickBooks Online, log in to your QuickBooks Online account, which will give you access to Deposits.
- Search for the Transaction or Accounting section. Once you find it, click on the Bookkeeping or Transaction, then select Chart of Accounts.
- Locate the bank account in which you made payments, then click View register or Account History.
- Search for the deposit you want to delete, or you can filter by date or amount.
- Open the Deposit and at the bottom of the window, click on More and select Delete, and confirm the deletion.
QuickBooks Desktop
- Navigate to the dashboard on the home screen after launching QuickBooks Desktop.
- On the top menu, click on Banking and then Use Register, or you can press Ctrl+R.
- Choose the bank account in which you made the payment.
- Select the deposit you wish to remove from the bank register.
- Then click on edit and select Delete, and confirm the Deletion.
Edit a Deposit in QuickBooks Online & QuickBooks Desktop
QuickBooks Online
Simply follow these instructions to modify a deposit in QuickBooks Online:
- Open your QuickBooks Online account and log in.
- The Transactions Menu will then appear.
- Now search for your deposit and click on the details for the deposit.
- Click Edit and make the changes (amount, payment method, customer, category, memo) you want.
- Finally, save when done and close or open a new file.
QuickBooks Desktop
Here are the easy steps to edit a deposit in QuickBooks Desktop:
- Open your QuickBooks Desktop and log in to your account.
- Click on the banking menu and choose the register option.
- Choose the bank account in which the deposit was made and open the register.
- Press Ctrl+F to find the deposit, amount, and memo.
- Double-click on the deposit entry, and you can edit the deposit.
- Once you are done with changes, click Save and Close or Save and New.
Conclusion
Managing deposits correctly in QuickBooks is an important part of your business. In the above information, we explained how to maintain your business’s money with money deposit in QuickBooks. A deposit in quickbooks means depositing many payments simultaneously. It maintains the deposits in an organized and clean way with the guarantee of accuracy. It helps businesses by recording customer payments, bank deposits, and incoming cash in the right way. You can be sure your bank balances accurately reflect your cash on hand at any point in time.
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