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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 deposit money at the bank, you often deposit payments from multiple sources all at once. If you record each payment individually in QuickBooks, they won’t match your deposit. That’s because your bank usually records all the payments you deposited as a single record with one total.

But don’t worry, QuickBooks has a special way for you to combine everything so your records match your real-life bank deposit total. Put transactions you want to combine into your Undeposited Funds account. Then record a bank deposit to combine them. Here’s how to track bank deposits in QuickBooks.

Or learn more about bank deposits in QuickBooks first.

Step 1: Put payments into the Undeposited Funds account

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

Do you use QuickBooks Payments?

If you use QuickBooks Payments, we take care of everything for you. Once QuickBooks processes your payments, it matches them with your open invoices and moves them to Undeposited Funds.

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

  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, from the Deposit to drop-down menu, select the account you want to put the money into.
  4. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.
  5. Enter the date for the deposit.
  6. Add a memo as needed.
  7. When you're ready, select Save & Close.

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

Important: All 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 portions of 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 with a deposit. Then select OK.
  3. In the Make Deposits window, from the Deposit to drop-down menu, select the first account you want to put the money into.
  4. Add a new line under the payment you want to move to a second account.
  5. In the From account drop-down, 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 thing amount or part of the payment.In this example, we received three payments from the same customer. We're moving the third one to our savings account and the other two to checking.
  6. When you're ready, select Save & Close.

Since you're mimicking a real-life bank deposit, you usually only make deposits for a bank or other current asset accounts in QuickBooks. If you ever need to put a deposit into another type of account, use the Cash Back field:

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine with a deposit. Then select OK.
  3. In the Make Deposits window, from the Cash back goes to drop-down menu, select the account you want the money to go into. If you don't put the whole deposit amount in this field, the rest will go to the account you select from the Deposit to field.
  4. Enter the amount you want to go into the account. If you want everything to go to the account, enter the deposit total.
  5. When you're ready, 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 completed 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. Right-click anywhere in the window and select Delete deposit.
  6. Select OK to confirm.

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

Record recurring deposits

If you regularly make 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 anywhere on the deposit and select Memorise Deposit.
  4. Select Automate Transaction Entry if you want it to run automatically. Otherwise, select Add to my Reminders List to get a notification to create the deposit.
  5. In the How Often drop-down menu, select the frequency (monthly, weekly, daily, etc).
  6. In the Next Date field, set start date for the recurring deposits. The start date will be your first recurring deposit.
  7. In the Number Remaining field, enter how many deposits you want to run automatically.
  8. In the Days In Advance To Enter field, you can set how many days in advance QuickBooks will record the transaction. Enter 0 if you want to record the deposit on the day you choose.
  9. When you're ready, select OK.

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

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