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Intuit

Deposit customer payments

When you receive payments from customers, you can either deposit each payment directly into a QuickBooks bank account, or you can group payments together to be moved to that account later.

Depositing customer payments is part of your usual A/R workflow in QuickBooks Desktop. To see the complete list of workflows and other customer-related transactions, refer to Accounts Receivable workflows.

Deposit a payment

If you are depositing payments from you QuickBooks Payments account, check the batch totals before you make the deposit in the QuickBooks Payments (applicable to US only), under Activity and Reports > Deposits. When you have verified the batch totals OR if you don't have QuickBooks Payments account, proceed with the following steps:

  1. From the QuickBooks Banking menu, click Record Deposits/Make Deposits.
  2. On the Payments to Deposit window that appears, select the payments you want to deposit then click Ok.NOTE: The Payments to Deposit window, should open automatically. If it doesn't, it may be because your Undeposited Funds account is not turned on OR you have not received any payments yet. To open it, click the Payments button in the Make Deposits window.
  3. In the Make Deposits window, click the Deposit To drop-down then choose the bank account where the payment will be deposited to.
  4. Enter the date.
  5. (Optional) Enter a memo.
  6. Add any additional payments to deposit. Note that the deposit amount is the sum of all payments you deposited.EXAMPLE: If there are payments for $1,077.50, $5,387.50 and $417.53 and you opted to deposit all of them on 12/15/2020 then your bank Register will show a $6,822.53 deposit for that day. It will be easier for you to reconcile your bank account if you group payments together based on the amount of actual deposit to the bank account.
  7. Click Save & Close.

Other deposit-related tasks

Deposit customer payments into two separate bank accounts

Follow these steps if you need to deposit a portion of your customer payments to a separate bank account.

  1. From the QuickBooks Banking menu, select Make Deposits.
  2. In the Payments to Deposit window, click to select the payments you wish to deposit.
  3. Click Ok.
  4. In the Make Deposits window, click the Deposit To drop-down and select the first bank account.
  5. Enter a line then click the From Account drop-down and choose the second bank account.
  6. In the Amount column, enter a negative amount equal to the amount you want to deposit to the second account.
  7. Click Save & Close.

Scenario 1: You have a multiple payments received from a customer ($350, $50 and $356) and you need to deposit one of them ($356) to another account (Savings).

sample deposit customer payments

Scenario 2: You have a single payment received from a customer ($250, $50 and $356) and you need to deposit a portion of it ($125) to another account (Savings).

sample customer deposit scenario

Deposit end-of-day sales to reflect non-posted credit card charges

You have entered an end-of-day Sales Receipt and need QuickBooks to reflect the bank deposit. When entering the deposit, you need to reflect that some of the credit card payments have yet to post. Since all the payments for the day were entered in a single transaction, you need a way to accurately account for the amount deposited and the amount that will not post until later.

To record this deposit, you need to defer the credit card portion of the deposit to a holding account and deposit it.

  1. Create an Other Current Asset account.
    1. From the QuickBooks Lists menu, click Chart of Accounts.
    2. In the Chart of Accounts window, right click anywhere then select New.
    3. In the Add New Account: Choose Account Type screen, click the Other Account Types radio button and select Other Current Asset.
    4. Click Continue.
    5. Enter a name for the account (Example: Deferred Deposit account, Credit Card holding, etc.).
    6. Click Save & Close.
  2. Record the deposit.
    1. From the QuickBooks Banking menu, click Make Deposits.
    2. Select the Payments to Deposit (if any), and click OK.
    3. In the Deposit To field, select the appropriate bank account.
    4. Enter any additional deposit information within the next available lines.
    5. Enter a line to defer the credit card portion that has not yet been deposited.
      1. In the From Account field, select the Deferred Deposit account created in Step 1.
      2. (Optional) Enter a memo to explain the entry.
      3. In the Amount field, enter a negative (-) amount, equal to that of the deferred amount.
    6. Click Save & Close.
  3. Enter a new deposit when the deferred amount has cleared the bank.
    1. From the QuickBooks Banking menu, select Make Deposits.
    2. In the Payments to Deposit window, click OK.
    3. In the Deposit To field, select the appropriate bank account.
    4. In the From Account field, enter the Deferred Deposit account.
    5. In the Amount field, enter the amount of the posted deposit.
    6. Click Save & Close.

Deposit money to an account other than a Bank Account

On the Make Deposit screen, you can only deposit money to a Bank or Other Current Asset account by default. If you encounter a scenario wherein you need to record a deposit to a different account type, you can use the Cash Back goes to option.

  1. From the QuickBooks Banking menu, choose Make Deposits.
  2. Click the Cash back goes to drop-down and choose the desired account.
  3. On the Cash back amount field, enter the amount you want to add to the Cash Back account. If you do not want any of the funds to go to the Bank account, enter the full amount of the deposit here.
  4. Click Save & Close.

Record recurring deposits

Follow these steps to create recurring deposits from a customer.

IMPORTANT: Skip Step 1 and proceed to Step 2 if you have already recorded the deposit in QuickBooks.
  1. Record the Deposit.
    1. Open the deposit window (Banking > Make Deposit).
    2. If you get the Payments to Deposit window, select payments to deposit and click OK.
    3. On the Make Deposits window, complete the appropriate fields then click Save & Close.
  2. Look for the recorded deposit from either of the following:

    From the Register

    1. From the Banking menu, click Use Register (Ctrl+R).
    2. If you have multiple accounts, choose the appropriate bank account.
    3. Find and double-click the deposit you want to memorize.

    From the Deposit Detail Report

    1. From the Reports menu, choose Banking and click Deposit Detail.
    2. (Optional) Filter the Transaction Type to Deposit and the Name to All customers.
    3. Find and double click the deposit you want to memorize.
  3. Memorize the deposit.
    1. From the Deposit window, click the Edit menu and choose Memorize Deposit (Ctrl+M).
    2. Choose the reminder option.
    3. In the How Often field, choose the frequency (monthly, weekly, daily, etc).
    4. In the Next Date field, choose the date of the next payment.
    5. In the Number Remaining field, enter the number of payment you wish the program to enter.
    6. In the Days In Advance To Enter field, enter how many days in advance you want the program to record the transaction or remind you to enter. Choose 0 if you want it to post on the day of choice.
    7. Click OK to memorize the transaction.