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Record and make bank deposits in QuickBooks Online

by Intuit•999• Updated a day ago

Combine multiple transactions into one record to match your account statement. When you deposit multiple customer payments at the bank, they're grouped into one total. If you record each payment separately in QuickBooks, your records won’t match the bank. Use the bank deposit feature in QuickBooks Online to group payments and match your deposit.

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Prerequisites

  1. Put transactions you need to combine into your Undeposited Funds account. 
  2. Ensure all payments to be deposited and reflected in the Undeposited Funds account in QuickBooks.
  3. Then, use the bank deposit feature to combine them.

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Get personalized help recording bank deposits with QuickBooks Live.

Note: Customers can't be added to deposits in QuickBooks Ledger.

Step 1: Put transactions into the Undeposited Funds account

Before recording a deposit, make sure the invoice payments and sales receipts that you want to combine are put in the Undeposited Funds account. This account holds everything before you record a deposit.

Important: If you use QuickBooks Payments, it automatically processes and moves transactions into your accounts. But if you need to combine payments taken outside of QuickBooks, follow these steps.

Step 2: Combine transactions in QuickBooks with a bank deposit

Each bank deposit creates a separate record in QuickBooks. Make deposits one at a time for each of your deposit slips.

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.This image shows a normal bank deposit screen with a number of deposits on the page.
  4. Select the checkbox for each transaction you want to combine.
  5. Confirm the total of the selected transactions matches your actual deposit slip.
  6. Select Save and close or Save and new.
Important: All transactions in your Undeposited Funds account appear in the bank deposit window. If there are any missing, add them to the Undeposited Funds account.

Some banks add service charges and processing fees. Don't edit the original transactions in QuickBooks. Instead, add the fee while you're on the bank deposit window:

  1. Scroll down to the Add funds to this deposit section.
  2. Enter the fee as a line item.
    • Select who the fee was from (for example, the bank charging you).
    • Select Bank Charges & Fees from the Account ▼ dropdown.
    • Enter the amount fee as a negative number. For example, if the fee was US $.50, enter –.50.
  3. In the Received From column, enter in the name of who's charging you the fee.
  4. Select Save and close or Save and new.

Tip: If you don't have a bank charge account, here's how to create one:

  1. Select + Add New from the account dropdown.
  2. On the account creation window, select Expenses as the account type and Bank Charges as the detail type.
  3. Give the account a simple name like "Bank fees."

Next steps: Manage bank deposits

Review past bank deposits

Follow this link to complete the steps in product. Open this link in a new window

  1. Go to Reports.
  2. Choose Standard Reports.
  3. In the field titled Type report name here, enter "Deposit Detail."
  4. Select the report that appears below to run the report.

The report lists all your completed bank deposits. Select individual deposits to get more details.

Remove a payment from a bank deposit

If you added a payment by mistake and want to remove a specific payment from a deposit:

Follow this link to complete the steps in product Open this link in a new window

  1. Select the View/Edit ▼ dropdown menu to find and open the payment you want to remove. The status should be “Closed.”
  2. Select the date link near the customer name. This opens the bank deposit.This image shows a blue link under the customer name. This is how you can find the deposit a transaction is attached to.
  3. Uncheck the checkbox for the payment you want to remove.
  4. Select Save and new or Save and close.

The payment will go back to the Undeposited Funds account. You can add it to another deposit.

Delete a bank deposit

If you need to start over and delete a bank deposit:

Follow this link to complete the steps in product Open this link in a new window

  1. Find the bank account you put the deposit into and select View register.
  2. Search for the bank deposit and select it to get more details.
  3. Select Delete.

All payments on the deposit go back to the Undeposited Funds account. You can start over and create a brand-new deposit.

Result

Your deposit now reflects the exact total your bank recorded. QuickBooks matches grouped payments to real-life transactions, helping you reconcile accounts with accuracy.

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