How do I made a deposit into "Other Current Assets?"

Hi erika20,

I'll share a way to deposit funds into other current assets.

When you record a receive payment or a sales receipt, you can choose an other current asset type of account in the Deposit to field, like the Undeposited funds account.

Another way is to make journal entries, where you can debit an amount to an other current asset account.

I hope all of these details help you properly record your transactions. Let me know if you have any other concerns. I'm always here to help.

No, actually, that's not what I'm talking about at all. I've already assigned the non-payment to Write Off, and now want to get it off my received record and the way I've always done that is to "deposit" it into "Allowance for Bad Debt". But a month ago, that option was removed. See below screenshot of how it used to be.

Thanks for following up with the Community, erika20.
 

To write off bad debt, you'll initially need to check your aging accounts receivable.
 

Here's how:

1. In the left navigation bar, go to Reports.
2. Find and run an Accounts Receivable Aging Detail report.
3. Check which outstanding accounts receivable should be written off.

Next, you'll need to create a bad debts expense account if you haven't yet:

1. Use your Gear (⚙️) icon, then go to Chart of Accounts.
2. In the upper right, click New.
3. Choose Expenses for its Account Type.
4. Pick Bad debts for your Detail Type.
5. Enter "Bad debts" in the Name field.
6. Select Save and close.

Now you'll be prepared to create an item and memo for it, then apply your credit to the invoice.

Please don't hesitate to send a reply if there's any questions. Have a wonderful day!

OH, I don't want to change individual invoices, because the boss writes off block amounts of debt, not individual orders.

I have the exact same issue. I used to use "Other Current Asset" frequently and now it does not show up as an option.

Thanks for raising this concern here in the Community, @bmckown and @erika20. Let me help you proceed to deposit to your Other Current Assets account.

If you have an existing Other Current Asset account, we’ll have to make sure that it is active. Otherwise we won’t be able to use it. In case you want them to be visible in your Chart of accounts, we’ll have to make the accounts active.

Here’s how to make an account inactive:

1. Go to Settings and select Chart of accounts.
2. Find the account you want to delete.
3. Select the Action  dropdown and select Make inactive.
   

If you want to see your inactive accounts in your chart of accounts, here’s how:

1. Select Settings, then select Chart of Accounts.
2. Select the Gear icon  next to the printer icon.
3. Select the Include inactive checkbox.

We will only do these steps if we are certain that the account we are searching really exists.

If you need to create a replacement account for one that's missing or unavailable, refer to this article.

You can also check what happened to the original account by going to the Audit Log page.

If you need further assistance with this. Leave a comment down below. I'll be around to help. Have a great day and stay safe! 

We're having the same problem. We have been depositing to Other Current Asset accounts for years, but suddenly that stopped being an option in the Bank Deposit screen. Nothing about these accounts has changed - they are active in our Chart of Accounts and we don't want to replace them. Why are they no longer appearing as an option in the Bank Deposit drop down menu?

Thanks!

Thanks for joining in on this thread, FB12.

I'd like to provide some additional info about your concern.

When you create a bank deposit, you'll only be able to select the bank account from the Account drop-down menu. Other accounts like the Other Current Asset are unavailable from the selection. 

You can either use the Add funds to this deposit section or use the Deposit to field in the Receive payment window. Please refer to the steps shared by my colleague JessT. 

The Undeposited Funds is also an Other Current Asset account, which is something you own and that you intend to convert to cash (or in this case, deposit in the bank) within a year.

To learn more about bank deposits, you can watch a video tutorial included in this article: Record and make bank deposits in QuickBooks Online.

If you have any additional questions or need help with other concerns, please feel free to reply to this post. Me and my colleagues are here to help. Stay safe!

Having the same problem here, I don't see why we are now unable to deposit into non-'Bank' accounts. I want to be able to deposit from undeposited funds into my other current assets, the way I have been doing since even Quickbooks 2008.

People's accounts are set up in a certain way that not all receipts may be directly converted into cash straight away. 

Why have quickbooks taken away this feature?

Hello, SachinTankaria.

Let's perform some basic troubleshooting to fix it. We'll start logging into your account through a private browser. It's the best spot to identify web issues. These are the shortcut keys: 

• Google Chrome: press Ctrl + Shift + N 
• Mozilla Firefox: press Ctrl + Shift + P
• Safari: press Command + Shift + N

If it works, let's clear the browser's cache. This helps remove its stored cache so QuickBooks will perform efficiently. If private browsing doesn't work, I'd recommend using different browsers. They'll provide you the best and most secure experience with QuickBooks. 

However, If you get the same result while using a private or a different browser, I recommend contacting our Phone Support Team. This way, they can further investigate this matter and provide additional troubleshooting steps to get this fixed. 

Please know you can continue to reach me here with any additional questions. Thanks for coming back to the Community, wishing you continued success. Stay safe!

I stumbled into this problem too. We used Other Asset Accounts in Deposit Transactions and now it is not available unless you already had a recurrent transaction template saved with the Other Asset Account already selected (QBO will not let you save a new one with an Other Asset Account).

--------SOLUTION:

1. Create a Sales Receipt

2. Create a generic Client for this transaction type (probably the same client you used in the Deposit if you had selected a client there)

3. Enter date & select a payment method of your choice

4. ***Deposit to: ENTER the "OTHER ASSET ACCOUNT" YOU WANT TO USE***

5. **** IMPORTANT: Select or create a Product or Service that is mapped to the GL account that you used in the Deposits****

This is done by selecting the account you want in the "Income Account" of the Product or Service item created or selected. Keep in mind that if this Item has a GL account in other transactions that is not the GL account that you want to affect here, then you probably want to create a new item with a name that lets you know which GL is attached to it.

I had the same issue as you. QB wouldn't allow me to deposit to a current asset. I was able to find a work-around by creating a deposit in the QuickBooks iPhone app and depositing to the current asset I wanted. Then when I went back to my online (via my desktop) account I was able to add to the current asset. 

Hope this works for you!

An update to my workaround...I noticed the iPhone and iPad apps quit working so I contacted QuickBooks Support. They told me the apps are being discontinued and are no longer working. Without this, I don't have a way to make deposits to an Other Current Asset. (Other than making a journal entry to give the asset a balance.) QBO seems to accept deposits if there is already a balance on the account but not if there isn't. Does anyone know why this is or have a solution? 

Thank you in advance for your help! 

Thank you for sharing with us an update about your workaround, @jwrt19. I'm here to share additional details and will guide you on how you can deposit QuickBooks Online (QBO).

Yes, there's discontinuation happened. However, it's the discontinued Support for QuickBooks Online Windows and Mac app. The discontinuation of mobile app support isn't part of it. 

Furthermore, you're unable to enter a deposit to a current asset account using the app. Although, you can make a deposit using the QBO browser. I'll show you how.

1. Click on + New.
2. Select Bank Deposit.
3. Choose the account you want to put the money from the Account dropdown. Also, know that Other Current Assets are unavailable from the selection. However, you can either use the Add funds to this deposit section or the Deposit to field in the Receive payment window. 
4. Select the checkbox for each transaction you want to combine.
5. Ensure that the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
6. Then, click Save and Close.

For more details, please refer to this article: Record and make bank deposits in QuickBooks Online. 

Additionally, if you want to match your bank and credit card statements, please check out this article for the detailed steps: Reconcile an account in QuickBooks Online. 

Feel free to post a reply if you have clarification about the process or if you have any other QuickBooks-related concerns. I'll be here. Have a good one!

I don't understand.  You just gave this guy instructions on how to make a deposit in QBO.  That is clearly not what he was asking.  I have seen this several times in this thread.  All of the questions pertain to making a deposit in QBO to an "Other Current Asset" account (non-banking type).  It cannot be done in QBO.  They are asking why or is there a recommended work around.  I must admit I am a bit curious myself.

Thank you, CharlieDunn. Exactly...QuickBooks has repeatedly suggested something that isn't related to this issue.

@GebelAlainaM: I am trying to make a deposit into an "Other Current Asset" which is NOT allowed in QuickBooks Online via the browser. I spoke via chat with a representative yesterday that told me the iPhone and iPad apps were being discontinued. This is the only way I'm able to make the deposit to the Other Current Asset. If the apps aren't being discontinued, why does the feature no longer work? I am unable to select any account in the deposit window. It freezes and never works. 

I don't know that it'll be resolved, but why can't we do this in QBO via the browser? I don't know a good reason why we shouldn't have that option.

I'm here to provide the help you need in making a bank deposit for Other current assets in QuickBooks Online (QBO) via a browser, @jwrt19.

You can utilize the Add funds to this deposit section of the Bank Deposit screen to manually enter your Other current assets entry.

Let me show you how:

1. Access your QBO company.
2. In the left menu, click the + New icon.
3. Select Bank Deposit.
4. In the Choose an account field, select the bank account to which to deposit funds.
5. Enter the Date.
6. Go to the Add funds to this deposit section.
7. Enter information on the Received From, the Account, Payment Method, and Amount.
8. Click Save and close.

For more information about this process, check this article: How to Record Bank Deposits in QuickBooks Online.

Once you're ready to reconcile your bank account after recording those deposits, you can check this article for a guide: Reconcile an account in QuickBooks Online.

If you have any other questions about recording transactions in QBO, let me know, and I'll lead the way. Take care always, @jwrt19.

This is what doesn't work. Step 4..choosing the account to deposit into. QuickBooks only shows me "Bank" accounts and no "Other Current Assets" which is what I'm trying to deposit into. 

I can help you with adding deposits to your other current assents account, @jwrt19.

You can only set a bank account in the Account dropdown on your Bank Deposit page. As mentioned by MirriamM, go to the Add funds to this deposit section to enter this Other current assets account. If you can't see this account, try to check if this account is still active from your Chart of Accounts. 

Here's how:

1. Select Settings ⚙, then select Chart of accounts.
2. Look for the account. 
3. If it's missing, go to the printer icon and click the Settings ⚙ icon.
4. Select the Include inactive checkbox.
5. Find the account you want to use again, then choose to Make active.

Once you've made the account active again, follow the steps provided by MirriamM above on how to make a bank deposit for your other current asset account. 

Refer to this article for more information about adding assets, loan liabilities, and equity to a bank deposit: How to Record Bank Deposits in QuickBooks Online. 

Here's how to check your past bank deposits to get more details about individual transactions, see this article on how to run and customize Bank Detail report: Customize reports in QuickBooks Online. 

Let me know in the Reply section below if you need more help adding deposits to your other current assents account. I'm always glad to help in any way I can. Have a great rest of the day!

Yes, but then you are adding a deposit to a "bank" and an "other current asset." That's not what I'm trying to do. I'm trying to ONLY add to an "other current asset." 

Hello there, @jwrt19. Thanks for giving further details about your concern. I got your back to ensure you'll be able to make a bank deposit in QuickBooks Online (QBO). 

Let me first discuss how bank deposit works.

On the Bank Deposit page, you can only select a bank account in the Account dropdown. No worries, there are several options you can use to deposit funds to the Other Current Asset account. 

First is, utilizing the Add funds to this deposit section in the bank deposit screen. 

Another option is to select this account in the Deposit to field when receiving payments.

For reference, feel free to visit this article: Record and make bank deposits in QuickBooks Online.

Additionally, I've added this helpful article that can guide you in moving funds from one account to another: Transfer funds between accounts.

Feel free to post a comment below if you have any other questions about depositing funds in QBO. I'd also appreciate updates on how the steps go. Have a great week and take care.