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mandi-anraccount
Level 1

How do I change the account tied to the deposit field in the invoice screen? Mine is currently posting directly to my checking account, but it should be deposit liability

 
3 Comments
LieraMarie_A
QuickBooks Team

How do I change the account tied to the deposit field in the invoice screen? Mine is currently posting directly to my checking account, but it should be deposit liability

The Community has you covered, @mandi-anraccount.

 

To clarify, are you referring to the Deposit to field in the Receive Payment page? When receiving an invoice payment, the Deposit to drop-down list is where you select the account you put the payment into. You can put the money directly into an account, like your checking account. You can also select Undeposited funds if you need to group the payment with others. This account holds everything before you record the deposit.

 

Once you're ready, here's how to make bank deposits:

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ drop-down, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and close or Save and new.
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You can also check out our guide on receiving invoice payments. Following this workflow can help you organize your cash flow, and track sales, receivables, and profitability more accurately.

 

Should you need any further assistance getting your deposits straightened out, please don't hesitate to comment below. I'm always around to help. Have a great day!

mandi-anraccount
Level 1

How do I change the account tied to the deposit field in the invoice screen? Mine is currently posting directly to my checking account, but it should be deposit liability

No, I am not referring to the receive payments area.  In the invoice screen, after billing out all the sales items, there is the subtotal, sales tax, and then deposit field.  This deposit field we have been using to input pre-payments (or deposits) received so it's clear to the customer that their deposit was applied.  When the invoice is saved, the amount listed in the deposit field is recorded automatically as a deposit into checking.  This should be hitting the liability account "Deposits from Customers".  Where do I go to change this setting?

 

 

BettyJaneB
QuickBooks Team

How do I change the account tied to the deposit field in the invoice screen? Mine is currently posting directly to my checking account, but it should be deposit liability

Changing the setting of your prepayments is just a breeze, @mandi-anraccount.

 

You'll need to turn off the Automatically apply credits option in QuickBooks Online, so your customer's advance payment will not be applied to the current invoices. 

 

The Automatically apply credits feature is the reason why invoices are showing as paid since any credit on the same customer will be used to their open invoices.

 

To turn it off:

  1. Select the Gear icon.
  2. Click Account and Settings
  3. Tap on Advanced on the left of the screen.
  4. Click the Pencil icon in Automation.
  5. make sure to disable the Automatically apply credits option. 
  6. Click Save and select Done.

Once done, we can now delete the payment that was associated with the invoice. This way, the invoice will be marked as unpaid, and you can apply the appropriate payment then deposit it to the right account afterward.

 

Here's how:

  1. Open your customers invoice and double click it.
  2. On the Payment Status section, click the 1 payment link and tap on the Date hyperlink. 
  3. Press on More.
  4. Choose on Delete
  5. Click Yes to confirm.

I'm also adding this link that you can use in managing your customer's credits in QuickBooks Online: Handle a customer credit or overpayment in QuickBooks Online.

 

Should you need additional assistance about this or with QuickBooks, please let me know. I'll be around for you. Take care.

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