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Intuit

Record and make Bank Deposits in QuickBooks Desktop

Learn how to combine multiple transactions into a single record so QuickBooks matches your real-life bank deposits.

When you make deposits at the bank, you often deposit payments from multiple sources all at once. Your bank usually records everything you deposited as a single record with one total. If you enter these same payments as individual records in QuickBooks, they won’t match your deposit.

In these cases, QuickBooks has a special way for you to combine everything so your records match your real-life bank deposits. Put transactions you want to combine into your Undeposited Funds account. Then record a bank deposit to combine them. Here’s how to record bank deposits in QuickBooks Desktop.

Or learn more about bank deposits in QuickBooks.

Do you use QuickBooks Payments?

If you use QuickBooks Payments to process customer transactions, QuickBooks creates bank deposits for you. All you have to do is review the work. Follow these steps to review bank deposits created by QuickBooks Payments.

Step 1: Put payments into the Undeposited Funds account

If you haven’t already, put the transactions you want to combine into the Undeposited Funds account.

Step 2: Record a bank deposit in QuickBooks to combine payments

Once you have your deposit slip from your bank, you're ready to record the deposit in QuickBooks.

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. Then select OK.
  3. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
  4. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
  5. Enter the date you made the deposit at your bank.
  6. Add a memo as needed.
  7. When you're done, select Save & Close.

Each bank deposit is a separate record. Make deposits one at a time for each of your deposit slips.

Important: Only transactions currently 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.

If you need to put your deposit into multiple bank accounts:

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. Then select OK.
  3. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
  4. Add a new line under the payment you want to put into a second account.
  5. In the From account dropdown on the second line, select the second account. Then enter the amount you want to put into the second account as a negative value. You can enter the entire amount or part of it.

    In this example, we received three payments from the same customer. We're moving the third one to a savings account and the other two to checking.
  6. When you're done, select Save & Close.

Since you're mimicking a real-life bank deposit, you usually record deposits in QuickBooks for a bank or other current asset accounts. If you need to move a deposit into another type of account:

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. Then select OK.
  3. In the Make Deposits window,  select the account you want to move the deposit into from the Cash back goes to dropdown.
  4. Enter the amount you want to go into the account. If you want to move everything, enter the deposit total. If you don't put the whole deposit, the rest will go to the account you select from the Deposit to field.
  5. When you're done, select Save & Close.

Next steps: Manage your bank deposits

Review past bank deposits

To see past deposits and the transactions you combined:

  1. Select the Reports menu. Then select Report Centre.
  2. Select the Banking section.
  3. Find the Deposit Detail report, then select the Run icon.

The report lists all of your recorded bank deposits. You can select individual deposits to get more details.

Delete a bank deposit

If ever you need to start over, you can delete a bank deposit:

  1. Select the Reports menu. Then select Report Centre.
  2. Select the Banking section.
  3. Find the Deposit Detail report. Then select the Run icon.
  4. Find and open the deposit you want to delete.
  5. In the Make Deposits window, you'll see all the payments included on the deposit. Review them and make sure you need to start over.
  6. Right-click in the window and select Delete deposit. Select OK to confirm.

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

Record recurring deposits

If you regularly record the same deposits, you can make an existing deposit a recurring transaction:

  1. Select the Banking menu and then Use Register.
  2. Search for and open an existing deposit.
  3. Right-click the deposit and select Memorise Deposit.
  4. Select Automate Transaction Entry if you want QuickBooks to record the deposit automatically. Otherwise, select Add to my Reminders List to get a notification to create the deposit.
  5. In the How Often dropdown, select the frequency (monthly, weekly, daily, etc).
  6. In the Next Date field, set the start date for the recurring deposits. The first recurring deposit will start on the first day.
  7. In the Number Remaining field, enter how many deposits you want to QuickBooks to create.
  8. In the Days In Advance To Enter field, you can set how many days in advance QuickBooks will record the deposit. Enter 0 if you want to record the deposit on the day you choose.
  9. When you're done, select OK.

QuickBooks will automatically record the deposit on the date and frequency you choose.

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