Record and make bank deposits in QuickBooks Desktop
by Intuit•4• Updated 2 months ago
Learn how to combine multiple transactions into a single record so QuickBooks matches your real-life bank deposits.
When you deposit money at the bank, you often deposit multiple payments from different sources at once. The bank usually records everything as a single record with one total. If you enter the same payments as separate records in QuickBooks, they may not match how your bank records the deposit.
In these cases, QuickBooks has a special way for you to combine everything so your records match your real-life bank deposits. Put transactions you want to combine into your Undeposited Funds account. Then record a bank deposit to combine them. Here’s how to record bank deposits in QuickBooks Desktop.
Do you use QuickBooks Payments? If you use QuickBooks Payments (Merchant Services) to process customer transactions, QuickBooks creates bank deposits for you. All you have to do is review the work. Follow these steps to review bank deposits created by QuickBooks Payments. |
Step 1: Put payments into the Undeposited Funds account
If you haven’t already, put the transactions you want to combine into the Undeposited Funds account.
Step 2: Record a bank deposit in QuickBooks to combine payments
Once you have your deposit slip from your bank, you're ready to record the deposit in QuickBooks.
- On the Homepage, select Record Deposits / Make Deposits.
- In the Payments to Deposit window, select the payments you want to combine. Then select OK.
- In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
- Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
- Enter the date you made the deposit at your bank.
- Add a memo as needed.
- When you're done, select Save & Close.
Each bank deposit is a separate record. Make deposits one at a time for each of your deposit slips.
Important: Only transactions currently in your Undeposited Funds account appear in the Bank Deposit window. If you don’t see one you need to add, put it in the Undeposited Funds account. |
Next steps: Manage your bank deposits
Review past bank deposits
To see past deposits and the transactions you combined:
- Select the Reports menu. Then select Report Center.
- Select the Banking section.
- Find the Deposit Detail report, then select the Run icon.
The report lists all of your recorded bank deposits. You can select individual deposits to get more details.
Delete a bank deposit
If ever you need to start over, you can delete a bank deposit:
- Select the Reports menu. Then select Report Center.
- Select the Banking section.
- Find the Deposit Detail report. Then select the Run icon.
- Find and open the deposit you want to delete.
- In the Make Deposits window, you'll see all the payments included on the deposit. Review them and make sure you need to start over.
- Right-click in the window and select Delete deposit. Select OK to confirm.
All payments on the deposit go back to your Undeposited Funds account. You can start over and create a new deposit.
Record recurring deposits
If you regularly record the same deposits, you can make an existing deposit a recurring transaction:
- Select the Banking menu and then Use Register.
- Search for and open an existing deposit.
- Right-click the deposit and select Memorize Deposit.
- Select Automate Transaction Entry if you want QuickBooks to record the deposit automatically. Otherwise, select Add to my Reminders List to get a notification to create the deposit.
- In the How Often dropdown, select the frequency (monthly, weekly, daily, etc).
- In the Next Date field, set the start date for the recurring deposits. The first recurring deposit will start on the first day.
- In the Number Remaining field, enter how many deposits you want to QuickBooks to create.
- 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.
- When you're done, select OK.
QuickBooks will automatically record the deposit on the date and frequency you choose.
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