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How to record bank deposits

How you record a bank deposit in QuickBooks Online depends on how your transactions were entered:

  • If you deposit customer sales transactions to Undeposited funds, the Bank Deposit screen displays the Select the payments included in this deposit section, containing a list of customer payments you can include in the deposit. This lets you group payments together for a batch deposit. This section appears only if you select Undeposited Funds as the Deposit to account for customer sales transactions.

  • If you use QuickBooks Payments, the Bank Deposit screen displays the QuickBooks Payments section, containing a list of pending payments. The QuickBooks Payments section appears only if you are waiting for a customer payment to settle. You do not have to do anything with these payments. Settled payments are automatically added to a deposit transaction and deposited by QuickBooks Payment.

Record a deposit

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Other, select Bank Deposit.
  3. In the Choose an account field, select the bank account to which to deposit funds.
  4. If available, select the checkboxes of the transactions to deposit in the Select the payments included in this deposit or QuickBooks Payments sections.
  5. In the Add funds to this deposit table, enter information about any additional items to include in this deposit, including who the item was Received From, the Account, Payment Method, and Amount of the item.You can also use this section to account for processing fees by adding the fee as a negative amount. (Note: If you select an Other Current Assets account with Detail Type Inventory as one of these accounts when entering a vendor refund, you will get a Select a non-inventory account for your deposit error message. See Manage vendor credits for more information.)
  6. If you will receive cash back from this deposit, select Petty cash (or the account you use to track cash on hand) in the Cash back goes to field, enter any Memo, and specify the Cash back amount. (See How to set up petty cash for more information.)
  7. (Optional) Select Print to print the deposit slip before saving.
  8. Select Save and close or Save and new.

If you are unable to delete a transaction that has been deposited, you can locate and modify the deposit from the Deposit Detail report.

Record deposits of customer payments in QuickBooks Online Payments

If you use QuickBooks Online Payments to process credit cards and online invoice payments, QuickBooks Online automatically records those bank deposits for you.

To record any other type of customer payment towards an invoice, do not use the Bank Deposit page directly.

Use the Receive Payments screen to record those payments:

  1. Select the Plus icon (+) on the Toolbar.
  2. Under Customers, choose Receive Payment. The Receive payment screen links payments to invoices so you can identify paid and unpaid invoices.
  3. On the Receive Payment screen, enter the payment details and choose Undeposited Funds as the Deposit to account.

These customer payments then appear in the Select the payments included in this deposit section of the Bank Deposit screen.

Now you know how to record bank deposits.