cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

Deposit alone without applying to an invoice

Is it possible to make a deposit without having an invoice to apply it to?  If so, how do I go about doing that?

Solved
Best answer 07-09-2018

Accepted Solutions
QuickBooks Team

Re: Deposit alone without applying to an invoice

Hey there, @dsruble13.

 

Thank you for getting back to me on this. I can clarify further on recording deposits in QuickBooks. Because the program is a dual accounting software, there needs to be a corresponding account alongside the "deposit to" account. This is usually an equity account of some sort, as I've seen other customers use this in the past.

 

I hope this helps to clear any confusion. If you need anything else, feel free to reach out to me in the Community again. 

View solution in original post

Intuit

Re: Deposit alone without applying to an invoice

Hi, @dsruble13!

 

I am glad you had your query resolved.

 

The Community is much more than product help. It's also a place to seek guidance, gain inspiration and make connections... This all happens over on the Business Discussion boards too Smiley Happy. Whether you're self-employed, own a small business or you're eager to learn something new, the Business Discussions offer a great opportunity! Have a browse of our additional pages using the links below and come over and comment. I would love to hear more about what you do!

 


QB Community Home          Talk About Your Business 

         Find Inspiration     

View solution in original post

24 REPLIES 24
Moderator

Re: Deposit alone without applying to an invoice

I'm happy to see you here, dsruble13.

 

Let me assist you with your concern about making a deposit.

 

When you receive payments from customers, you can deposit the payment directly to the bank account.

 

Here's how:

 

1. Click the Plus sign.

2. Select Bank Deposit.

3. Choose a bank account.

4. Select a currency.

5. Scroll-down to Add funds to this deposit and fill-in necessary information.

6. Make sure to choose the correct income account.

7. Click Save and close.

 

You can also use sales receipts if you receive full payment at the time of the sale. This kind of transaction include payments by cash, check or credit card.

 

Here's how:

 

1. Click the Plus sign.

2. Select Sales Receipt.

3. Choose the name of the customer.

3. Enter all sales information.

4. Select Save and send or Save and close.

 

Please remember I'm here anytime you need help. You can reach out to me by clicking the Reply button below.

 

Not applicable

Re: Deposit alone without applying to an invoice

Where do I find the PLUS sign?

Anonymous
Not applicable

Re: Deposit alone without applying to an invoice

Hi dsruble13,

 

The Plus (+) sign is in the top right hand corner of your account, next to the magnifying glass.

 

Thank you, Carly. :)

Not applicable

Re: Deposit alone without applying to an invoice

I don't see a magnifying glass either. 

Anonymous
Not applicable

Re: Deposit alone without applying to an invoice

Hi,

 

Can I ask what version of QuickBooks you are using?

 

Thanks.

Not applicable

Re: Deposit alone without applying to an invoice

QuickBooks  Enterprise: 2018 Manufacturing and WholeSale

Anonymous
Not applicable

Re: Deposit alone without applying to an invoice

As this is the US version I will transfer your query to our US support team to assist you further.

QuickBooks Team

Re: Deposit alone without applying to an invoice

Thank you for bringing this to our attention, @Anonymous.

 

You're in good hands here in the QuickBooks Community @dsruble13. Allow me to clear the air about recording deposits. You can enter deposits in QuickBooks without having to input an invoice with a payment. Here's how: 

  1. From Banking across the top, click Record Deposits/Make Deposits.
  2. In the Make Deposits window, click the Deposit To drop-down then choose the bank account where the payment will be deposited to.
  3. Enter the date.
    (Optional) Enter a memo.
  4. Add any payments to deposit. Note that the deposit amount is the sum of all payments you deposited.
  5. Click Save & Close.

In case you need it, I've also attached the article on recording deposits here. If you have any questions about this, feel free to leave me a comment below. 

 

 

Not applicable

Re: Deposit alone without applying to an invoice

Ok I entered all my information except for "From Account".  At this time we do not have any money's in any of the accounts as we are going from one order entry system to Quickbooks.  Our old order entry system is a dos based program and we are not able to transfer some stuff over to Quickbooks.  Without choosing something in the drop  down menu under "From Account", it won't let me save and close.

QuickBooks Team

Re: Deposit alone without applying to an invoice

Hey there, @dsruble13.

 

Thank you for getting back to me on this. I can clarify further on recording deposits in QuickBooks. Because the program is a dual accounting software, there needs to be a corresponding account alongside the "deposit to" account. This is usually an equity account of some sort, as I've seen other customers use this in the past.

 

I hope this helps to clear any confusion. If you need anything else, feel free to reach out to me in the Community again. 

View solution in original post

Not applicable

Re: Deposit alone without applying to an invoice

Thank you for your time on this Clay!  It did answer my questions.

Intuit

Re: Deposit alone without applying to an invoice

Hi, @dsruble13!

 

I am glad you had your query resolved.

 

The Community is much more than product help. It's also a place to seek guidance, gain inspiration and make connections... This all happens over on the Business Discussion boards too Smiley Happy. Whether you're self-employed, own a small business or you're eager to learn something new, the Business Discussions offer a great opportunity! Have a browse of our additional pages using the links below and come over and comment. I would love to hear more about what you do!

 


QB Community Home          Talk About Your Business 

         Find Inspiration     

View solution in original post

Community Contributor *

Re: Deposit alone without applying to an invoice

In QuickBooks desktop for Mac 2016 version.

 

I have logged payments by using "Receive Payments" without creating invoices and then deposited them in respective bank accounts.  Now "Accounts Receivable" is showing all that amount. I have reconciled and bank accounts looks good. All I need is to get rid of "Accounts Receivables"? How can i do that? 

QuickBooks Team

Re: Deposit alone without applying to an invoice

I'm happy to let you know why your Receive Payments is still in your Accounts Receivable (A/R) account, YasirParvez.

 

Here's how it works: When you create a Receive Payment to a customer, this deducts the balance of your A/R account. Then, this becomes an open credit to that customer and it'll stay on the AMT PAID side of that account even if you deposit it.

 

On the other hand, when you create an invoice to that customer, the invoice amount will post to the AMT CHRG (opposite) side of that account. Both transaction will balance you A/R, but you still need to link them to close those transactions. This also means both of them will always stay in that account.

 

I'm just curious, if there's no invoice, what is this payment for? Thanks in advance.

Community Contributor *

Re: Deposit alone without applying to an invoice

Thank you Jess T. 

 

I am not an accountant. Just a treasurer of a very small non-profit organization and the payments were donations. I will create invoices to balance these payments. 

Not applicable

Re: Deposit alone without applying to an invoice

I folllowed the deposit instructions  for "depositing w/o invoice"  and  clicked enter, the deposit would not happen.  Basically, these deposits are from tenants that rent a space in the building I have my business.

QuickBooks Team

Re: Deposit alone without applying to an invoice

Hi leftoutdoor

 

You could set the tenants up as customers and then create a deposit for each tenant/customer, ensuring the bank account you are receiving the money in to is entered in the account box and you select the date it was received.

In the 'Add funds to this deposit' section, add the tenant/customer in the received from column, in the account column enter debtors/account payable and enter the amount, in the amount column, save and closed. This deposit will then be allocated against that particular tenant/customer if you wish you could then use it as a payment if you decide to create an invoice for the tenant/customer.

Not applicable

Re: Deposit alone without applying to an invoice

Clay, when I do this, my deposits are duplicated on my Transaction Detail report for my specific job/customer. Have you experienced this and how can I adjust this? (It does not duplicate in my check register thankfully) QB help doesn't know the answer.
Moderator

Re: Deposit alone without applying to an invoice

Thanks for looping in, blantonbuild.

Let me take over and share some information regarding duplicate deposits in your transaction report.

 

As referenced by my peer above, QuickBooks Online is using double-entry accounting. You don't need to have 2 line items when doing a Bank deposit.

 

In bank deposit you can have 1 line item since the pairing account will be the Bank account you select at the top of the screen.

 

z.PNG

 

The report is Transaction Detail by Account. Each transaction will show up to each account affected. So changing the "Group by:" will show the transaction as duplicate because of the double-entry accounting used by QuickBooks.

 

You can pull up and run the Transaction List by Customer to show the deposit for that specific customer with a single deposit transaction.

 

x.PNG

 

You can get more details in this article regarding customizing reports in QuickBooks: How to customise reports.

 

For additional help, you can also reach out to our QuickBooks Online Support.

 

  1. Just go to https://help.quickbooks.intuit.com/en_GB/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

I'll be around to help if you have additional questions about deposits in QuickBooks Online. Have a great rest of your day.

Not applicable

Re: Deposit alone without applying to an invoice

Thank you. Yes I understand the double entry, but what you're showing in the screenshot seems to be a payment to an invoice. We do not invoice. I think I have figured out that I have to put the deposit in our account marked "Construction in Progress" since that is where our vendor invoices are paid from - that way it doesn't show up as doubled. That's not where we wanted it; we wanted to keep track of the deposit in the account "Sales, Sales: Upgrades; Sales Overages" etc. That is the account that is double posting in the Transaction Detail. My "Group by" is fine. Thank you!
Moderator

Re: Deposit alone without applying to an invoice

It's good to see you back, blantonbuild,

 

Allow me to help share some additional information on how to record a deposit without an invoice.

 

In QuickBooks Online (QBO), you can use the Sales Receipts feature to record the payment. Once done, you can now record the Bank Deposit.

 

To create Sales Receipt, here's how:

  1. Click the Plus icon at the top.
  2. Select Sales Receipts.
  3. Enter the Name of the Customer who is paying you.
  4. Enter Products or Services, then choose an Income account when setting up.
  5. Enter Payment method and choose Bank account.
  6. Click Save and Close.

To record the Deposit, here's how:

  1. Click the Plus icon at the top.
  2. Under Other column, select Bank Deposit.
  3. Choose the right account, then enter it under Add New Deposits.
  4. Click Save and Close.

The following steps above will guide you in recording your income, blantonbuild.

 

Should you have any follow up questions, please let me know. I am more happy to help.

Not applicable

Re: Deposit alone without applying to an invoice

MirriamM THANK YOU!!! Entering a SALES RECEIPT is the way to go! It eliminated the need to then "record the deposit". WHEW!! I only needed to set up the correct product/service as you suggested and place it in the correct income account! No more duplicated entries showing up on the report! YOU ROCK!!!!
Not applicable

Re: Deposit alone without applying to an invoice

Hi. I have the same problem. I entered my deposit in bank deposit and credited sales. My profit and loss doesn't look right because I actually don't have the money in my bank account. All those were for sales of inventory and but it did not show the decrease in my inventory. How will I journalize my sales and inventory.

Moderator

Re: Deposit alone without applying to an invoice

Welcome to the Community, Shin2019.

 

To record sales, you'll have to enter either an invoice and sales receipt.

 

When recording sales transaction, make sure to use an inventory item. This will reduce inventory and increase income in the Profit and Loss report.

 

Let me give you an overview. Once you have a sale that isn't paid yet, you'll have to record an invoice. When your customer pays, enter a payment against that invoice and deposit it to your bank account.

 

Here's an article to learn more about the accounts receivable workflow: 

Accounts Receivable workflows in QuickBooks Desktop. This guide is for Desktop but is also applicable for Online.

 

It's my pleasure to help, so please let me know if there's anything else I can help you with. I'll always be here to assist. Take care.