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Record and make bank deposits in QuickBooks Online

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. 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 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 record bank deposits in QuickBooks Online.

Or learn more about bank deposits in QuickBooks first.

Step 1: Put transactions into the Undeposited Funds account

If you haven’t already, put the invoice payments and sales receipts you want to combine into the Undeposited Funds account. This account holds transactions before you record a deposit.

Do you use QuickBooks Payments? 

If you do, QuickBooks takes care of everything for you. Once payments are processed, QuickBooks moves the transactions into your accounts. You can see your pending payments on the Bank Deposit screen.

However, if you ever need to combine payments received outside of QuickBooks Payments, you’ll make a Bank Deposit using the steps in this article.

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

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

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account drop-down▼menu, choose the account you want to deposit the money into.This image shows a normal bank deposit screen with a number of deposits on the page.
  4. Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference. Remember, only select payments you need for each deposit.
  5. Select Save and close or Save and new.
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.

Some banks tack on service charges and processing fees. No need to edit the original transactions in QuickBooks. Instead, you can add the fee in 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 (ex. the bank charging you). Then select Bank Charges from the Account drop-down▼menu. See the tip below if you don't see this account.This shows the Add funds to this deposit section at the bottom of the bank deposit screen. This is where you can add fees and bank charges
  4. Enter the fee as a negative number. For example, if the fee was $.50, enter –.50.
  5. Review the deposit total with the bank fee.
  6. Select Save and close or Save and new.
Tip: If you don’t have a Bank Charges account, here’s how to create one:
  1. Select + Add New from the Account drop-down menu.
  2. On the account creation window, select Expenses as the account type and Bank Charges as the detail type.
  3. Give the account a simple name like “Bank fees.”

Next steps: Manage your deposits

Review past bank deposits

To see past deposits and the transactions you combined:

  1. Go to the Reports menu.
  2. Scroll down to the “Sales and customers” section.
  3. Select the Deposit Detail report.

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

Remove a payment from a bank deposit

If you want to remove a specific payment from a deposit:

  1. Go to the Sales menu and then select the All Sales tab.
  2. Find and open the payment you want to remove. The status should be “Closed.”
  3. Select the blue date link near the customer name. This opens the bank deposit.This image shows a blue link under the customer name. This is how you can find the deposit a transaction is attached to.
  4. Uncheck the box for the payment you want to remove.
  5. Select Save and new or Save and close.

The payment will go back to the Bank Deposit window. You can add it to another deposit.

Delete a bank deposit

If you need to start over and delete an entire bank deposit:

  1. Go to the Accounting menu.
  2. Select Chart of Accounts.
  3. Find the bank account holding the deposit and then
  4. Select View register.
  5. Search for the deposit and select it to get more details.
  6. Select Delete.

All payments on the deposit will go back to the Bank Deposit window. You can start over and create a brand new deposit.

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