Well, after the user has sent an invoice and received the payment into undeposited funds account, he/she would have to deposit these payments into an account in QuickBooks, similar to that he/she would have done when visiting the bank at the end of the workday. The most important point to remember is that the transactions in QuickBooks should reflect real-life, which means if the money is in the actual bank, then it should be reflected in QuickBooks.
Talking about the bank deposit feature, it serves two functions. In case the payments received into the undeposited funds account, then you can group the payments and deposit them as single record into an account. This particular feature is also where the user records items that aren’t typically captured on invoices or bills, like the assets and loans.
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More about bank deposits in QuickBooks
When depositing money at the bank, the user often deposits multiple payments from sources all at one. The bank usually records everything as a single record with one total. In case the user enters the same payments as individual records in QuickBooks, then they won’t match the way the bank recorded the deposit.
In such cases, QuickBooks will have a special way for the user to combine transactions so the records match the real-life bank deposit. The user needs to put the transactions that are to be combined into the undeposited funds account. Using the bank deposit feature to combine them.
Steps to record bank deposits in QuickBooks
The user can perform the following steps to record the bank deposits in QuickBooks. Let us check out the steps one by one:
Step 1: The first step is to put transactions into undeposited funds account
In case you haven’t already, you can put the payments and sales receipts that are to be combined into the undeposited funds account. This particular account holds everything before recording a deposit.
Step 2: The next step is to combine transactions in QuickBooks with a bank deposit
It should be noted that each bank deposit creates a separate record in QuickBooks. Also, the user needs to make deposits one at a time for each of the deposit slips.
- At first, the user should choose new tab.
- And select bank deposit.
- The next step is to select the account that is to be used to keep the money from the account dropdown menu.
- And then choose the checkbox for each transaction that is to be combined.
- Ensure that the total of the selected transactions tally with the deposit slip. And the user is supposed to use the deposit slip as reference.
- The last step is to select save and close or save and new.
It is important to note that all transactions in the undeposited funds account appear in the bank deposit window. In case you don’t see the one that is required, then put it in the undeposited funds account.
Steps to manage bank deposits in QuickBooks
For managing bank deposits, you can perform the following steps:
Reviewing past bank deposits
- For reviewing the bank deposits made earlier, move to the reports menu.
- Move to the sales and customers section.
- Select the deposit detail report.
The report lists all the completed bank deposit and the user is supposed to choose individual deposits to get further details.
Removing a payment from the bank deposit
In case you have added a payment mistakenly, then no issues, you just have to remove a specific payment from a deposit.
- In such case you are required to move to the sales menu and choose all sales tab.
- After that look for and open the payment that you want to remove. The status should be closed.
- And then, select the date link near the customer name. This will open the bank deposit.
- And you would have to uncheck the checkbox for the payment you wish to remove.
- The last step is to select save and new or save and close.
The payment will move back to the undeposited funds account. And you can add it to another deposit.
Deleting a bank deposit
To delete a bank deposit, and start over again, carry out the following steps:
- The first step is to move to the accounting menu.
- And select the chart of accounts.
- The next step is to find the bank account that you put the deposit into and choose account history.
- Further look for the bank deposit and select it to get more details.
- The last step is to select delete tab.
All the payments on the deposit go back to the undeposited accounts, which will let you to create a new deposit again.
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We end the article over here, with the hope that the above stated information might be more than enough for you to learn about bank deposits in QuickBooks desktop. However, for any further query, you can contact our QuickBooks enterprise support team professionals at 1-844-521-0490. And let our experts perform the necessary steps on your behalf.
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