Record and make bank deposits in QuickBooks Online
Learn how to combine multiple transactions into a single record so QuickBooks matches your real-life bank deposits.
When you deposit money at the bank, you often deposit multiple payments from sources all at once. The bank usually records everything as a single record with one total. If you enter the same payments as individual records in QuickBooks, they won’t match the way your bank recorded the deposit.
In these cases, QuickBooks has a special way for you to combine transactions so your records match your real-life bank deposit. Here’s how to record bank deposits in QuickBooks Online.
Put transactions you need to combine into your Undeposited Funds account.
Then use the bank deposit feature to combine them.
To watch more how-to videos, visit our video section.
Step 1: Put transactions into the Undeposited Funds account
If you haven’t already, put invoice payments and sales receipts you want to combine into the Undeposited Funds account. This account holds everything before you record a deposit.
Do you use QuickBooks Payments? If you do, QuickBooks takes care of everything for you. It automatically processes and moves transactions into your accounts. You don't need to use the Undeposited Funds account.
However, if you ever need to combine payments received outside of QuickBooks Payments, you’ll need to follow the steps in this article.
Step 2: Combine transactions in QuickBooks with a bank deposit
Each bank deposit creates a separate record in QuickBooks. Make deposits one at a time for each of your deposit slips.
Select + New.
Select Bank Deposit.
From the Account ▼ dropdown, choose the account you want to put the money into.
Select the checkbox for each transaction you want to combine.
Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
Select Save and close or Save and new.
Important: All transactions in your Undeposited Funds account appear in the bank deposit window. If you don’t see one you need to add, put it in the Undeposited Funds account.
Some banks add service charges and processing fees. Don't edit the original transactions in QuickBooks. Instead, add the fee while you're on the bank deposit window:
Scroll down to the Add funds to this deposit section.
Enter the fee as a line item.
Select who the fee was from (for example, the bank charging you).
Select Bank Charges from the Account ▼ dropdown.
Enter the amount fee as a negative number. For example, if the fee was US $.50, enter –.50.
Review the deposit total with the bank fee.
Select Save and close or Save and new.
Tip: If you don’t have a bank charges account, here’s how to create one: Select + Add New from the Account dropdown. On the account creation window, select Expenses as the account type and Bank Charges as the detail type. Give the account a simple name like “Bank fees.”
