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dealguy7
Level 2

Reoccurring bank deposits

I collect monthly fees from 20 people.  It's the same payment from the same people each month.  Is there a way to create a reoccurring transaction or deposit of those 20 individual payments so I don't have to enter receive payments from each person every month to create the bank deposit?

Solved
Best answer March 31, 2022

Best Answers
BigRedConsulting
Community Champion

Reoccurring bank deposits


@dealguy7 wrote:

So what is a bank deposit that can be memorized?

 


One that doesn't include AR payments/ that isn't 'linked' to anything else, such as a deposit where you enter the income line items directly.

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9 Comments 9
BigRedConsulting
Community Champion

Reoccurring bank deposits

Yes, depending on how you record the money you receive and how you receive it.

 

If you depend on the customers sending you the money, then I don't see how you could automate it as you don't know when you'll receive it.

 

However, if you control the receipt of the money, such as by issuing money transfers, then you can memorize most types of transactions that you'd use to record the receipt/income and have them automatically recorded (an option for memorized transactions) as of the date(s) that these transfers will take effect. For example, you could memorize sales receipts or deposits. If sales receipts, you'll still need to record the deposits, but it'll be as simple as selecting the receipts to be included (not typing them in.)

dealguy7
Level 2

Reoccurring bank deposits

Thanks for the response.  I do control when the payments come into the bank account.  How do I create a memorized deposit of the multiple items? 

ShiellaGraceA
QuickBooks Team

Reoccurring bank deposits

Thanks for getting back to us, @dealguy7.

 

I'll share the steps on how you can create a recurring deposits in QuickBooks Desktop. This way, QuickBooks will automatically record your deposits.

 

Here's how:

 

  1. Go to the Banking menu and then Use Register.
  2. Search for and open an existing deposit.
  3. Right-click the deposit and tap Memorize Deposit.
  4. Select Automate Transaction Entry if you want QuickBooks to record the deposit automatically. Otherwise, press Add to my Reminders List to get a notification to create the deposit.
  5. In the How Often dropdown, choose the frequency (monthly, weekly, daily, etc).
  6. In the Next Date field, set the start date for the recurring deposits. The first recurring deposit will start on the first day.
  7. In the Number Remaining field, enter how many deposits you want to QuickBooks to create.
  8. In the Days In Advance To Enter field, you can set how many days in advance QuickBooks will record the deposit. Enter 0 if you want to record the deposit on the day you choose.
  9. When you're done, Click OK.

 

 

 

For more information about deposits, check out this guide: Record and make bank deposits in QuickBooks Desktop.

 

I'm also adding this link in case you need help with managing bank-related tasks. It has our general banking topics with articles: Find help with bank feeds and reconciling accounts.

 

Drop a reply anytime if you have follow-up questions or concerns with deposits. I'm more than happy to assist you. Take care and have a great day ahead.

dealguy7
Level 2

Reoccurring bank deposits

I appreciate the quick responses. I tried your suggestion and get a 'Warning' notification that states: 'You cannot memorize this deposit.  You can only memorize deposits that do not contain customer payments.' 

 

Thanks

Tom

BigRedConsulting
Community Champion

Reoccurring bank deposits

Yes, that's correct, since the payments won't be there next time to include.

 

 

dealguy7
Level 2

Reoccurring bank deposits

So what is a bank deposit that can be memorized?

 

Thanks

 

JonpriL
Moderator

Reoccurring bank deposits

Hi @dealguy7, I'll share details about your deposit.

 

Bank deposits with an income account as one of the line items used can be memorized. Make sure not to include a name so that the prompt message saying you can't memorize this type of deposit won't show up.

 

Use this article to read and learn more about bank deposits: What are Bank Deposits in QuickBooks?

 

 I'm adding this article with the topics you can use while recording the common sales transaction: The Customer Transaction Workflows in QuickBooks Desktop.

 

It'll always be my pleasure to help if you've got additional questions about QuickBooks payments and deposits. Use the Reply option below and surely I'll be here ready to assist you. Take care and stay safe!

dealguy7
Level 2

Reoccurring bank deposits

Thanks to all for the support.  It's appreciated.  Unfortunately, I can't do what I want. 

 

My payments are specific to customers.  I'll continue to use the 'Receive Payments' option.  Once the customer payment receipts total the bank deposit made (ACH payments) in 'Receive Payments', I'll use the 'Record Deposits' option to record the complete deposit in QuickBooks.

 

My thought was to eliminate the 'Receive Payments' process since payments are the same each month from each customer.  It would be great to have this automated so all had to do was record a memorized deposit.

BigRedConsulting
Community Champion

Reoccurring bank deposits


@dealguy7 wrote:

So what is a bank deposit that can be memorized?

 


One that doesn't include AR payments/ that isn't 'linked' to anything else, such as a deposit where you enter the income line items directly.

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