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C
CountryBears
July 15, 2022
Question

Deposits

  • July 15, 2022
  • 1 reply
  • 8 views

Why do some of my deposits record to "Customer Refund" instead of Accounts Receivable?

1 reply

C
continea
Level 5
July 15, 2022

Hello CountryBears,

 

Thank you for reaching out to the QuickBooks Community! Could you share how you set up your deposit? As seen in the screenshot below, you can choose which account you need. 

 

 

Before we dig further, though, do some of the customers have a previous credit? Knowing this will aid as well! 

 

I will be looking out to your response! Until then, take care! 

C
CountryBearsAuthor
July 15, 2022

I go to the customer and find the invoice that is being paid and click on "receive payment" under the "act" column.  Another window opens "Receive Payment" and I fill in the Reference Number, Deposit to automatically goes to our bank account, then I click "save and close".

 

Sometimes, it is done through the "Banking" section, so I can choose the account.  

 

Thank you so much for your help.

R
RCVQuickBooks Team
QuickBooks Team
July 15, 2022

Let me share some information about how the Deposit feature works in QuickBooks Online (QBO), @CountryBears.

 

It's great to know you were able to resolve the credit memo issue for that customer. Going back to your first concern, the deposits recorded as customer refund instead of accounts receivable depend on how you record the transaction. To post the deposit to accounts receivable, we'll need to choose that account when making a deposit. Here's how: 

  1. Click + New Plus icon. deposit
  2. Select Bank Deposit.
  3. From the Account dropdown, choose the account you want to put the money into.
  4. Choose 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. Press Save and close or Save and new.

 

Here's an article you can refer to for more details about recording and making bank deposits in QuickBooks Online. If you need to process a customer refund, you can check out this article for more details: Record a customer refund in QuickBooks Online. 

 

If in the future the customer gave you a deposit for an invoice but changed their mind and backed out of the transaction, we can reverse the deposit. We'll need to give the customer a refund and apply for credit. Here's an article you can refer to for more insights on how to refund a deposit and close an invoice. 

 

Feel free to visit this link if you need help in balancing your accounts in QuickBooks: Reconcile an account in QuickBooks Online.

 

I'm just one click away if you need a hand with running your financial reports. You can leave a comment below and I'll get back to you. You have a good one. 

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