Recording a deposit into an Other Current Asset Account

It's nice seeing you post your concern here in the Community, @JMac23. I'm here to help you record the transaction QuickBooks Online. 

Since QuickBooks sets it up as an Other Current Asset Account, you can follow the steps below to enter a bank deposit in QuickBooks Online. Still, please know that recording this transaction only allows you to deposit money into a bank account.

Here's how:

1. Click + New, then select Bank Deposit.
2. From the Account dropdown, choose the account you want to put the money into.
3. Tick the checkbox for each transaction you want to combine.
4. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
5. Click Save and close or Save and new.

If you want to track the interest seamlessly, you'll want to create a separate income account.

Let me share this article for reference: Record And Make Bank Deposits In QuickBooks Online.

For future reference, you can also check out these resources here to help you organize your accounts flawlessly:

• Learn the reconcile workflow in QuickBooks
• Reconcile an account in QuickBooks Online

Fill me in if you have more queries about recording transactions in QBO. I'd be glad to assist you further. Take care always.

The Other Asset Account doesn't appear in the drop down from the Bank Deposit workflow, and when I try to enter it, it asks if I want to create a new account - so the method outlined in your post doesn't work

Hello, Rainflurry.

I appreciate you for always sharing your knowledge about QuickBooks. This will definitely help other users as well in the future. Please keep on posting here in the Community.

Stay safe and have a great rest of the day.

How do I do this without it affecting a budget? We are a non-profit and have a few income codes setup, and we are now receiving rental income for some space. In my mind it is not part of our budget. or, should it be?

Thank you for the help

Hello there,

I can help you determine if you need to include your rental income in your budget in QuickBooks Online (QBO).

If you enter a budget for Profit and Loss or Balance sheet accounts, any transactions on those accounts will be affected. You can consider excluding the rental income account in your budget, so it won't show in your Budget Vs Actuals report although it's up to you if you need to include that in your budget or not. Alternatively, you can consider creating a separate rental income account in the Chart of Accounts. Just a heads up, I'd recommend consulting your accountant for the best approach or other ways to handle these entries properly. 

Moreover, I'm adding this helpful article as your reference in running financial reports in QBO: Run reports in QuickBooks Online.

Come back to this post if you have other concerns or follow-up questions about recording your transactions in QBO. I'll be around to provide further assistance.

Hi, So we want it to show on our Balance Sheet but not our P&L. It has nothing to do with our every day operations. We use Class budgeting and the desk top version of QB.

What I really need is which account I should be setting this too. When I chose Other Assets, it made the deposit a negative and subtracted from our overall Total Assets instead of increasing them.

I currently do not have an accountant to get this advice from so if you could direct me to right type of account, I can go from there.

Thank you