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Real Estate Partners LLC
Level 3

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?

I would like an explanation of when to use the following five entries:

 

Write Check
Use Register
Make Deposit
Transfer Funds
Journal Entry


In some cases, all five of those functions can work in showing the same result. If anyone can clarify when to use one over another, it would be greatly appreciated. Thank you!

5 Comments
IamjuViel
QuickBooks Team

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?

Glad to have you here, @Real Estate Partners LLC.

 

With QuickBooks Desktop, you can simplify the recording of your transactions faster and easier. With that being said, allow me to share some information on how to record transactions in QuickBooks. 

To start with, there are a lot of ways to record a positive figures in QuickBooks Desktop depending on its type of transaction and purpose. 

 

You can use the Register window in recording banking transactions to a specific register or account. Most balance sheet accounts listed in the chart of accounts have a register that can be accessed by double-clicking the account in the list. On the other hand, there are two ways to record transfer in your accounting records which you may choose from:

  1. Use the Transfer Funds When you make a funds transfer in QuickBooks, you move money from one bank account to another in the company file. Using this option is easier if you move the money via an online electronic transfer. Here's how to use this option:
    1. Go to Banking.
    2. Choose Transfer Funds.
    3. Enter the transfer details.
    4. Click Save and Close.
  2. Via the Write Checks window While, using the write check window is easier if you are actually making a physical deposit of a check at the bank.

Lastly, there are several possible reasons why you need to create or record a journal entry in QuickBooks Desktop. 

  • Transfer amounts:
    • Move from one income or expense account to another.
    • To transfer amounts from an asset, liability, or equity account to an income or expense account.
    • Transfer amounts from one class to another.
  • Record transactions in the traditional system of accounting using debits and credits in a general journal or ledger.
  • Enter miscellaneous transactions to complete year-end activities.

This type of transaction is entered, or posted, directly to the general ledger.

 

If you need further assistance in recording your transactions, I’d recommend reaching out to Customer Care team. A specialist will be able to look up your account securely and further assist you via secured remote access session.

 

Here’s how to contact us:

  1. Go to: https://help.quickbooks.intuit.com/en_US/contact.
  2. Choose your QuickBooks Product.
  3. Select your QuickBooks version.
  4. On the Contact Us page, click a topic.
  5. Click on the Get Phone Number button to see the support number.

Feel free to post anytime here in the Community. I'm always here to help you manage and record your transactions. 

Rustler
Level 15

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?


@Real Estate Partners LLC wrote:

I would like an explanation of when to use the following five entries:

 

Write Check - this is a data entry screen to record spending money, you may print an actual check or not, you select the bank type account to spend from, checking, cash, etc


Use Register - not the best of options, but can be used to make entries directly, like an eft transaction, though I recommend use write checks and change the check number to EFT


Make Deposit - used after your customers pay you, click make deposits check off the payments you are taking to the bank, select the bank account they get deposited to and save.  ou can also add in other deposits from funds received that are not sales related.


Transfer Funds - used to move money from on QB bank account to another (assumes you have done so in real life)


Journal Entry - Journal entries should be the exception when using QB, they often do not work as you think they should, and  when you use inventory type items they never work for inventory. It is much better to use the forms on the home page the way QB is designed to be used.    Journal entries also bypass accrual/cash reporting, and will not show on many reports.


In some cases, all five of those functions can work in showing the same result. If anyone can clarify when to use one over another, it would be greatly appreciated. Thank you!


 

qbteachmt
Level 15

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?

"Write Check" is the Only input view that offers you both the Expenses and the Items tab, would allow Split lines for the details, where you can job track and additionally class track the details, and control Billable or not. Check Input Screen = paper, paperless, debit card, eft, ach, wire, etc. It gives you a Payee, and lots of details for the reporting.

 

JE is a brute force accounting entry. You avoid that for anything with Names, for AR, AP, QB Payroll, QB Sales, Sales taxes, and QB inventory. You just bypassed Cash vs Accrual Basis reporting, as well. These are hardly used in QB, except, for instance, year end depreciation and amortization.

 

Making manual entries in the DEP screen means you bypassed all Customer- and Sales-related functions.

 

Registers show how the Transactions you are making are changing the running balance of a Balance Sheet account. That isn't your input view.

 

Check = the Banking account was already used to pay.

 

Credit Card Charge = the Credit Card account was already used to pay.

 

Enter Bill = I need to Pay Later, as AP. Never mix AP and Credit card statements.

Real Estate Partners LLC
Level 3

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?

Thanks for the great explanations. That gave me a good understanding of which functions to use.

 

@qbteachmt   you mention to avoid Journal Entries in favor of other input methods. I’ve used a Journal Entry to input the sale of a property as well as move WIP items to COGS accounts. Is it fine in those circumstances, or would you suggest another method?

qbteachmt
Level 15

What to use: Write Check? Use Register? Make Deposit? Transfer Funds? Journal Entry?

"I’ve used a Journal Entry to input the sale of a property"

 

Sales to Customers means using a Sales Transaction. You avoid JE for Sales and for anything where Names are going to be listed.

 

"as well as move WIP items to COGS accounts."

 

COGS account(s) Plural?

 

"Is it fine in those circumstances, or would you suggest another method?"

 

It isn't clear what is your operations. Please see my attachment.

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