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Record and make bank deposits in QuickBooks Online

by Intuit•17• Updated 2 days ago

Combine multiple transactions into one record to match your account statement. When you deposit multiple customer payments at the bank, they're grouped into one total. If you record each payment separately in QuickBooks, your records won’t match the bank. Use the bank deposit feature in QuickBooks Online to group payments and match your deposit.

Prerequisites

  1. Put transactions you need to combine into your Undeposited Funds account. 
  2. Ensure all payments to be deposited and reflected in the Undeposited Funds account in QuickBooks.
  3. Then, use the bank deposit feature to combine them.

Learn more about bank deposits in QuickBooks.

Step 1: Put transactions into the Undeposited Funds account

Before recording a deposit, make sure the invoice payments and sales receipts that you want to combine are put in the Undeposited Funds account. This account holds everything before you record a deposit.

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.

  1. Select + New.
  2. Select Bank deposit.
  3. From the Account ▼ dropdown, select the account you want to put the money into.
  4. Tick the box for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and new or Save and close.
Important: All transactions in your Undeposited Funds account appear in the bank deposit window. If there are any missing, add them to the Undeposited Funds account.

Match a deposit to an invoice or a sales receipt

When you receive bank deposits from your customers, you might want to link them to an invoice or a sales receipt. Doing this ensures accurate records and helps avoid errors when you reconcile your accounts later on.
To link a deposit to an invoice or a sales receipt, make sure:

  • There's an invoice for the customer.
  • Payment hasn't been entered and linked to the invoice.

Follow this link to complete the steps in product Open this link in a new window

  1. Under the For review tab, select the bank transaction that you want to match with the invoice in the QuickBooks.
  2. Select Find match. If you have the invoice created with the same information such as amount, date, and payee, you will see the result under Matching records found. Make sure the details are same.
  3. Select Match.

Follow this link to complete the steps in product Open this link in a new window

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:

  1. Scroll down to the Add funds to this deposit section.
  2. Enter the fee as a line item.
  3. Select who the fee was from (for example, the bank charging you).
  4. Select Bank charges from the Account ▼ dropdown.
  5. Enter the amount fee as a negative number. For example, if the fee was A$ 50, enter –50.
  6. Review the deposit total with the bank fee.
  7. Select Save and new or Save and close.

Tip: If you don't have a bank charge account, here's how to create one:

  1. Select New.
  2. In the Account pop-up, select Expenses from Account Type ▼ dropdown.
  3. Select Bank charges from Detail Type ▼ dropdown.
  4. Enter Name as Bank fees. 
  5. Select Save and Close. 

Next steps: Manage bank deposits

Review past bank deposits

Follow this link to complete the steps in product. Open this link in a new window

  1. Scroll down to the Sales and customers section.
  2. Select the Deposit Detail report.

The report lists all your completed bank deposits. Select individual deposits to get more details.

Remove a payment from a bank deposit

If you added a payment by mistake and want to remove a specific payment from a deposit:

Follow this link to complete the steps in product Open this link in a new window

  1. To find and open the payment you want to remove, select View/Edit. The status should be Closed.
  2. Untick the box for the payment you want to remove.
  3. Select Save and new or Save and close.

The payment will go back to the Undeposited Funds account. You can add it to another deposit.

Delete a bank deposit

If you need to start over and delete a bank deposit:

Follow this link to complete the steps in product Open this link in a new window

  1. Find the bank account you put the deposit into and select Account history.
  2. Search for the bank deposit and select it to get more details.
  3. Select Delete.
  4. Select Yes to confirm.

All payments on the deposit go back to the Undeposited Funds account. You can start over and create a brand-new deposit.

Result

Your deposit now reflects the exact total your bank recorded. QuickBooks matches grouped payments to real-life transactions, helping you reconcile accounts with accuracy.

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