Last Updated on October 8, 2020 by Editor Team
Nowadays, for anyone who is using QuickBooks Online in his/her business, it is very important to know how to record and make bank deposits in QuickBooks online. So, here we are with the solution to this query in this blog. If you interested to know, ‘How to record bank deposits in QuickBooks Online?, or how to make it then read the blog carefully.
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When a user deposits money in a bank, he/she often deposit payments from multiple sources simultaneously. The bank usually records a total of everything you deposit with a single record. If all these payments are same as the personal record in QuickBooks, they do not match the deposit.
In this case, QuickBooks has a special way for you to combine everything so that your records match your real-life bank deposits. Keep the transactions you want to combine into your predefined fund account. Then record a bank deposit to combine them.
Steps to Record and Make Bank Deposits in QuickBooks Online
Here we have given below for you that how you can do this process in step, so read this step carefully and follow:-
Step 1: Put Transactions into the Undeposited Funds Account
If you haven’t already, enter the invoice payment and sales receipts you want to add to the unclassified fund deposits. This account performs transactions before recording your deposited amount.
If you want to use QuickBooks Payments?
If you do, QuickBooks takes care of everything for you. After the payment is processed, QuickBooks transfers the transactions to your accounts. You can see your pending payments on the bank deposit screen.
Step 2: Record a Bank Deposit in QuickBooks to Combine Payments
Here we can provide you each bank deposit creates a separate record, that makes deposits one at a time for each of your deposit slips, and here all steps related to this.
- In this step, first, you need to click on the + New option.
- Click on the option of the Bank Deposit.
- Go to the Account drop-down▼menu, and then choose the account that you want to deposit the money into it.
- Click on the box for each payment that you want to combine.
- After that, make sure the deposit total and selected payments match your deposit slip.
- Then you can use your deposit slip as a reference. And after that, only select payments you need for each deposit, and this is rememberable.
- At last, you can click on the save and close option or either choose the Save and new option.
Include a Bank or Processing Fee
When you want to include a bank or processing fee into it then e will tell you something that some banks tack on service charges and processing fees. No need to edit the original transactions in QuickBooks. Instead, you can add the fee in the Bank Deposit window:
- First, you need to scroll down to the “Add funds to this deposit” section.
- And then, you can enter the fee as a line item, which is important.
- After that, you can choose who the fee was from (ex. the bank charging you).
- Then go to the account dropdown section, and click on the option of Bank Charges.
- After that, you can see the tips that are given below if you don’t see this account.
- Then, you need to enter the fee as a negative number. Here is some example, that is if the fee was $.50, then enter –.50.
- After that, you can give a review of the deposit total with the bank fee.
- And at the last, you can click on the option of Save and close or either click on the Save and new option.
Steps 3: Manage your Deposits
Here we can provide you the details of managing your deposit, and there is three-way to manage it, the first one is you can find your past bank deposit review, the second one removes a payment from bank deposit, and the last or third one is you can delete your bank deposit. Below we can provide all steps that help you to do this:-
Review Past Bank Deposits
To see past deposits and the transactions you combined, then follow these steps that are given below:-
- First, you need to go to the Reports menu option.
- After that, you can scroll down to the “Sales and customers” section option.
- Then, you need to choose the Deposit Detail report.
The report lists all your completed bank deposits. You can select individual deposits to get more details.
Remove a Payment from a Bank Deposit
If you want to remove a specific payment from a deposit, then follow these steps that are given below:-
- First, you need to go to the Sales menu option, and then click on the All Sales tab option.
- After that, you need to find and open the payment you want to remove.
- Then, the status should be “Closed”.
- Click on the blue date link near the customer name. That provides you with opens the bank deposit.
- Then, you can uncheck the box for the payment that you want to remove.
- At last, you can click on the option of Save and new or either click on Save and close option.
When all the above steps completed then the payment will go back to the Bank Deposit window. You can add it to another deposit.
Delete a Bank Deposit
If you need to start over and delete an entire bank deposit, then follow these steps that are given below:-
- In this process, you need to first go to the Accounting menu option.
- After that, click on the option of the Chart of Accounts.
- Then, you can find the bank account holding the deposit.
- And then, you can choose the option of View register.
- After that, you need to search and find the details for the deposit and then click on the option to get more details.
- And at the last, you can click on the option of Delete.
When all the above processes completed then all payments on the deposit will go back to the Bank Deposit window. You can start over and create a brand new deposit.
In this blog, we can discuss how to record and make bank deposits in QuickBooks online and hope this article provides you the solution. If you follow these steps carefully, then you will surely you can record and make bank deposits in QuickBooks online. If you still have any problems or any query you can get the QuickBooks ProAdvisor support by dropping a call through +1-877-355-0435 .