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SaraGGP
Level 1
posted
‎August 28, 2020 06:55 AM
last updated ‎August 28, 2020 6:55 AM

Dual Accounting Software Best Way to Apply Deposits

Hi!  My company uses two programs - one for processing orders and recording sales and quickbooks to take all that data and process financials, etc.  Essentially I take all the entries for the month and post them as journal entries at the end of the month EXCEPT deposits.  I do my bank recs [throughout the month] in Quickbooks, so I need to keep that information there daily but I don't feel the way I was trained is the best practice for doing so.  Here is how I record deposits


Deposits -

Banking --- Making Deposit [enter appropriate information Customer, type, etc to be applied to our Checking account). 

 

This works just fine for my bank recs but I see that this customer in QB s showing a negative bank total and I would like to not happen.

 

I DO NOT want to enter all invoices in two places as there are hundreds of invoices a month and that is duplicating my work.  

 

Thank you for an suggestions/tips!

 

 

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2 Comments 2
Charies_M
Moderator
Moderator
‎August 28, 2020 09:05 AM

Dual Accounting Software Best Way to Apply Deposits

Thanks sharing your concern with us, SaraGGP.

 

I'm here to explain the reason why there is a negative balance on your customer and how you can correct it.

 

The negative bank total showing on your customer after making deposits is normal. When you create a deposit, it goes to your Accounts Receivable (A/R) which shows an over payment leaving your customer a negative balance. 

If you don't want this to be negative, you'll need to review the Journal Entries entered and make sure it affects the A/R since this is the account were deposits went causing a negative balance.

 

If you need to edit the entry, you can follow these steps:

  1. Go to the Company menu.
  2. Choose Make General Journal Entries.
  3. Select Find and enter the Name, Date, Entry No., or Amount then select Find.
  4. Double-click the journal entry, then make your updates.
  5. When you’re done, select Save & Close.
  6. To record the changes, select Yes.

Check out this article about Transaction Journal report in QuickBooks Desktop for additional information.

 

Should you be needing more help from me, just leave a reply below. I'd be more than happy to assist. Have a great rest of the day!

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Fiat Lux - ASIA
Level 15
‎August 28, 2020 08:06 PM

Dual Accounting Software Best Way to Apply Deposits

@SaraGGP 

As another option, prepare Invoice data and Receipt Payment data

CustomerTransaction DateRefNumberPO NumberTermsClassTemplate NameTo Be PrintedShip DateBillTo Line1BillTo Line2BillTo Line3BillTo Line4BillTo CityBillTo StateBillTo PostalCodeBillTo CountryShipTo Line1ShipTo Line2ShipTo Line3ShipTo Line4ShipTo CityShipTo StateShipTo PostalCodeShipTo CountryPhoneFaxEmailContact NameFirst NameLast NameRepDue DateShip MethodCustomer MessageMemoCust. Tax CodeItemQuantityDescriptionPriceIs PendingItem Line ClassService DateFOBCustomer Acct NoSales Tax ItemTo Be E-MailedOtherOther1Other2Unit of MeasureAR AccountCurrencyExchange RateSales Tax Code
Anne's Bakery01/09/2020100    Y15/09/2020Anne's BakeryOne Harbor Street  AnytownNY12345USAAnne's BakeryOne Harbor Street  AnytownNY12345USA(123) 456-7890          NonCabinets10Cabinets1000              Non
Anne's Bakery01/09/2020100    Y15/09/2020Anne's BakeryOne Harbor Street  AnytownNY12345USAAnne's BakeryOne Harbor Street  AnytownNY12345USA(123) 456-7890          NonHardware10Hardware50              Non
John's Barber Shope02/09/2020101    Y15/09/2020John's Barber Shope1 Main Street  AnytownNY12345USAJohn's Barber Shope1 Main Street  AnytownNY12345USA(999) 888-8888          NonBlueprints1Blueprints500              

Non

 

 

CustomerCheck NumberTransaction DatePayment MethodMemoApply to Invoice (blank auto-applies)AmountDeposit ToDiscount AmountDiscount AccountDiscount ClassAR AccountExchange Rate
Anne's Bakery12301/11/2020Check 10010000Checking     
John's Barber Shope99901/11/2020Check 101500Checking    

 

 

 

Then utilize one of these importer tools to do so.

https:// transactionpro.grsm.io/qbd

https:// partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

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