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Level 1

When making a bank deposit, I get the credit but also get a debit for the same amount as the credit. Why?

 
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QuickBooks Team

When making a bank deposit, I get the credit but also get a debit for the same amount as the credit. Why?

Hi leighrob,

 

Understanding your chart of accounts is the key to bookkeeping. I can help point you in the right direction.

 

Making deposits in QuickBooks Online is easy as it'll adjust the correct accounts automatically. When moving funds from you Undeposited Funds account to your Bank account QuickBooks Online will debit one and credit the other. This is normal as there is a transfer of money between the two accounts and QuickBooks is making the proper adjustments for you. To understand more about your Undeposited Funds account you can look through this article. If you have further questions about crediting and debiting accounts I recommend reaching out to your accountant as they are trained in this. If you don't have an accountant don't worry, we have your back. You can go to My Accountant>Find a pro to help to find one in your area to help.

 

Have a great day!