When I deposit customer payments in QB, I often input several payments on the same day, frequently from different days - weeks or even months apart. I put the received date on each individual deposit, but Quickbooks makes that into one big mega-deposit, as of the date I input them. How can I get them to show up as separate line item deposits on the date of deposit instead of one giant deposit? How do I "break up" the giant deposits so it shows each deposit in the register as a separate line item?
For example, I inputted deposits from the end of 2017 and the beginning of 2018 in January of 2018, which makes my 2017 year-end bank balance look like it's in the negative. How can I fix this?
When you receive payments or make sales, unless that money alone is directly deposited, you need to post the payments to Undeposited Funds first, then create a deposit for the date you take the batch of payments to the bank. This account should already be in your Chart of Accounts. You can, in preferences, choose to have this always be the destination for payments.
When ready to deposit you Create Deposit from banking menu and select from the presented payments to mirror the paper deposit ticket you prepared for the bank. Yes, it is one big bulk deposit, as it should be when multiple payments are involved but each payment is listed in the deposit.
If by some odd chance you do not have Undeposited Funds account (I have experienced it missing unless you choose to use it by default) add it now, exactly as spelled as Other Current Asset
Here is the issue: "but Quickbooks makes that into one big mega-deposit, as of the date I input them."
QB did not Make it. You made it. When you process the Receive Payment, you set the date you got the funds, such as Checks in the Mail. When you use Make Deposit, that is the Date of the Deposit in reality = you Did that banking. You are supposed to select only the details that went to the bank each Banking date, and Save. Then, do the next Deposit Date.
Let's break this down into parts: "For example, I inputted deposits from the end of 2017 and the beginning of 2018 in January of 2018"
When you did the work, is not important. Your actual Bank Deposits are different dates. You were supposed to select Only the entries for each date of deposit. You cannot Deposit 2017 and 2018 into One Deposit screen. You just described different dates of deposit.
You seem to have used Select All. You want to checkmark on the left side, only what applies, each Deposit Date.
Thanks for your help. I ended up calling support and getting walked through everything. I used to have the problem with everything going into Undeposited funds, and about 18 months ago a friend with bank auditing experience came over and we tried to get rid of it, as I had no idea what it was for. My business doesn't get a high volume of payments... 2-3 orders a month is pretty normal... so I always deposit the check before I report it to QuickBooks.
The rep I spoke to was great... he took the time to explain it all to me... for example I never knew what undeposited funds was. He explained it's a place to report a payment, before you deposit the check. Since I don't operate that way, we removed it and he showed me how to properly re-deposit the checks (I open the 'bulk' deposit, print out its contents, delete it from the register and then go back to each payment and change from "undeposited funds" to my bank's account. Now the transactions show up as of the date I put on the "receive payments" screen.
Thanks also for your input qbteachmt. I have no accounting experience and have found QB to be overwhelming at times. I do appreciate your attempt to help me! As for checking things off, I didn't do that. I used the "Save and New" button after each deposit, and it still threw them all in one place. I didn't even notice the dropdown menu that said "undeposited funds" and thus didn't change it. Regardless, in the past, I was able to go to a different screen to officially deposit the funds... this time I could not find the payments in that screen.
As I mentioned before, I got support, and they were fantastic. I've been using QB for 6 years and had a laundry list of things that irritated me (like when I go to place a PO with a vendor, it automatically defaults to my business address. All my orders are drop-shipped from my vendors.) Anyhow, I at least have a better idea how to work with QB in the future... and now that I've experienced support, I will definitely be using that again when I need it.