For recording or making deposits, QuickBooks is the software generally preferred by many. The software enables you to record bank and cash deposits in its several versions. These versions can include QuickBooks Online, QuickBooks Desktop, and QuickBooks 2015. For making and recording the cash/bank deposits, an account needs to be selected. After this, you need to mention the correct amount of the deposit. By filling in the other requirements, you are able to make the deposit in the accounting software.
For in-depth learning of how to record or make deposits in QuickBooks Online, Desktop, and other versions, you can read here. We have explained the methods in detail and also outlined the steps you need.
This blueprint can unfold more about what we have included in this post:
How to Record Cash Deposits in QuickBooks?
Cash deposits are often recorded in QuickBooks. This is mainly done through the Banking menu. This menu will provide you with the Make Deposits option. Using this, you can enter the window for Payments to Deposit. You can pick the amount of the cash payment and then head to the section of Deposit to. In this section, you will have to choose an account in which the cash has to be deposited. As you keep performing the instructions, the process of making the cash deposit in QuickBooks will soon be over.
These directions will guide you more to make a deposit in QuickBooks:
- When “QuickBooks” is running, view “Banking”.
- Find “Make Deposits”. Then select this option.
- Wait for “Payments to Deposit” to appear.
- From the new window, your cash payment can be chosen.
- Push the “Ok” option.
Remember: There can be some instances in which the window of “Payments to Deposit” may not appear. In that situation, you will be suggested to visit “Payments”. This option will be available in the window of “Make Deposits”.
- Opt for “Deposit to”.
- Mention a bank account for recording the cash deposit.
- Provide the cash deposit’s date.
- Type in the details of the deposit.
Remember: Along with knowing how to make a deposit in QuickBooks for cash, you should also know that the software enables you to input multiple cash amounts. Thus, if you wish to include a cash deposit other than the one that you are entering now, then you can easily do so.
- Wait for QuickBooks to sum up the amount of the cash deposit(s).
- Tap on “Print”.
Remember: This step is optional. You can choose “Print” only if a slip is required for the cash deposit that you are recording in the accounting software.
- Use “Save and Close” to quit “Make Deposits”.
Tip: Sometimes you may have incorrectly made the deposit in QuickBooks. You may wish to remove it later. You can get an option to delete a deposit in QuickBooks. Using that option, such a deposit can be easily removed.
How Do I Record a Deposit in QuickBooks Online?
For recording a deposit in QBO, you need to add your transactions in the QuickBooks account for undeposited funds. Following this, you can combine the transactions. Once combined, you can manage the deposits. It should be noted that to initiate this procedure, the user needs to use the +New option. This will show Bank Deposit. Through this, the remaining procedure can be carried out.
To provide you with more information about how to record deposits in QuickBooks Online, we have authored these steps:
- Ensure that the accounting software is running.
- To begin, add your transactions to your account for undeposited funds.
Tip: In case you have no undeposited funds account in QuickBooks, you can count on us. We can help you make a QuickBooks undeposited funds account with ease.
- Now, use the bank deposit feature for combining your transactions. To use it, press “+New”.
- Next, click on “Bank Deposit”.
- Tap on the dropdown available for “Account”.
- You have to prefer an account in which you can deposit your money.
- Choose the checkboxes for all the transactions.
Remember: While you tick the checkboxes for the transactions, ensure that they are the ones that will be combined.
- Check that the sum of these transactions is the same as the sum mentioned on the deposit slip.
- Pick the option that says “Save and Close”.
Remember: As an alternative to this option, you can also choose “Save and New”.
- After this, the bank deposits need to be managed. You can head to “Reports”.
- Navigate to the section of “Sales and Customers”.
- Tap on “Deposit Detail”.
Tip: You may find the list of your reports in “Deposit Detail”. These reports will mention those deposits that have been completed. To know more about a particular deposit, you can choose it and view its details.
Now that you have performed these steps, you would have been able to record the deposit in QuickBooks Online. It may be helpful to understand that these steps can enable you in recording the deposits as per your choice. You will not be required to combine all the transactions for recording them.
How to Record Deposits in QuickBooks Desktop?
To combine your bank deposits and record them, you can open QuickBooks and find your account for Undeposited Funds. Start adding your transactions to this account and then run the software’s Homepage. Choose the Record Deposits option. Alternatively, you may opt for Make Deposits. Then use the dropdown for Deposit to for recording the deposit in your bank.
The users who wish to know more about how to record deposits in QuickBooks Desktop should consider scrolling further.
- In your account for “Undeposited Funds”, include your transactions.
- To record your deposit, open the accounting software’s “Homepage”.
- Click on one of the following options:
- “Record Deposits”
- “Make Deposits”
- View the window of “Payments to Deposit”.
- Choose every payment for the purpose of combining it.
- Press “Ok”.
- Visit the window of “Make Deposits”.
- Choose that account to which the deposit can be added. For this, click on “Deposit to”.
- Verify the total amount of the deposits.
- Now, find out whether the deposit sum of the chosen payments is the same as the sum mentioned in the bank slip.
- Provide that particular date on which the deposit was added to the bank.
- Create a memo for reference in the future.
- Tap on the “Save & Close” tab.
Remember: It will be essential to know that your account in QB for “Undeposited Funds”, only those transactions will be displayed that presently exist. You can view them in the window of “Bank Deposit”. In case you cannot find a particular transaction, see to it that this transaction has been added to the mentioned account.
- For managing the bank deposits, click on the “Reports” option.
- Go to “Report Center”.
- Visit the section of “Banking”.
- Move to “Deposit Detail”.
- Then tap the symbol of “Run”.
Tip: A list of reports should appear. It will mention the deposits that have been recorded in your bank. For getting detailed information about a deposit, you can choose it. After this, its details will be visible.
How Do You Record Bank Deposits in QuickBooks 2015?
In the 2015 year version of QuickBooks, you get the flexibility of recording your bank deposits. To do so, you can, first, run the Banking menu and find the Use Register option. In Register, you can add the Date, Payee’s Name, details of the Deposit, etc. Afterward, you can decide the account that will be fit for the purpose or opt for the Uncategorized Income account. Once the required details have been included, you will be able to record your deposits in QuickBooks 2015.
- In “QB”, run “Banking”.
- Click on “Use Register”.
Tip: For opening the QuickBooks Register, you can also move to “Homepage”. Navigate to “Banking” and tap on the icon meant for “Register”.
- One checking account needs to be picked.
Remember: The account that you are picking in this step will be the one in which a deposit will be made.
- Tap on “Ok”.
- You will now see the window of “Register”. Locate the column of “Date”.
- Provide the date for making this bank deposit.
- Now, find the column of “Payee”.
- Include the payee’s “Name”/“Business”.
Remember: After executing this step, the QuickBooks software may enter “Check Number” in the space for “Number”. On including the amount of deposit, the field of “Number” will be changed to “DEP”.
- Click on “Deposit” and type in the amount to be deposited.
- Now, provide the account into which this amount will be deposited. For this, tap on “Account”. Using the “Down” arrow, pick one account.
Tip: You may be trying to select an account that may not be seen after pressing the “Down” arrow. In that instance, you can opt for “Uncategorized Income”.
- Tap on “Record”.
As soon as you press Record, your deposit will get added to your account. You can look at the balance in your account to confirm the same. Also, it will be worth knowing that when an entry is made to the QuickBooks Register, an order of chronology is used. As a part of this order, deposits will be initially recorded. After this, checks will be added to the Register.
Tip: Along with recording bank deposits in the software, we can also assist you to record credit card payments in QuickBooks. Click here to read.
In this blog, we explained how you can make or record deposits in Quickbooks. By following a series of steps, you can complete this purpose. Here, we provided you with the same. As long as the same sequence of these steps is followed, you will face no challenges in recording/making the bank deposits.
In our next reading, we have covered how to fix deleted reconciled transactions in QuickBooks. Should you like to read it, please click here. Along with this, you can also look at the methods to undo reconciliation in QuickBooks.