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Ptonjalken
Level 3

Am I using DEPOSITS wrong?

Ok so I am running reports to see what I made from Jan 1 to Feb 1. 

 

It tracks all my invoices which is fine. But I often get people paying for 1 on 1 lessons and they generally pay by cash or EFT (and then I log it in QB after through Deposits). I would log these under sales when I make the deposit.

 

But when I run Profit/Loss it does not seem to include these deposits and only the invoiced items. Am I suppose to be logging these as sales receipts or something so that Quickbooks includes them? My QB matches my bank account under Banking but perhaps im not logging the actual non-invoiced hours properly

 

Thanks

Solved
Best answer February 03, 2021

Best Answers
AlcaeusF
Moderator

Am I using DEPOSITS wrong?

Hi there, @Ptonjalken.

 

Thank you for posting here in the Community. I'm here to share some clarification about the report in QuickBooks.

 

The deposit should show under the Sales section of your Profit and Loss report. To isolate the issue, I recommend reviewing the transaction and ensure the account is correct.

 

Once done, you can re-run the report to verify the information. Please follow these steps:

 

  1. Open the account register.
  2. Click the deposit.
  3. Select Edit
  4. Review the account. 
  5. Hit Save and close.
  6. Open the Profit and Loss report.
  7. Filter the date range and select Customize to make changes to the filter.
  8. Press Run report.
  9. Click the amount next to Sales
  10. View the deposit. 

 

Ideally, if you receive immediate payments, it's recommended to use the Sales Receipt feature. You can check out this page for more details: Should I use an invoice or a sales receipt?.

 

Additionally, I recommend visiting the following articles to learn more about when to make bank deposits, as well as how to use Undeposited Funds in QuickBooks:

 

 

Fill me in if you have additional questions about entering payments in QBO. I'm always here to help. Take care always.

View solution in original post

2 Comments 2
AlcaeusF
Moderator

Am I using DEPOSITS wrong?

Hi there, @Ptonjalken.

 

Thank you for posting here in the Community. I'm here to share some clarification about the report in QuickBooks.

 

The deposit should show under the Sales section of your Profit and Loss report. To isolate the issue, I recommend reviewing the transaction and ensure the account is correct.

 

Once done, you can re-run the report to verify the information. Please follow these steps:

 

  1. Open the account register.
  2. Click the deposit.
  3. Select Edit
  4. Review the account. 
  5. Hit Save and close.
  6. Open the Profit and Loss report.
  7. Filter the date range and select Customize to make changes to the filter.
  8. Press Run report.
  9. Click the amount next to Sales
  10. View the deposit. 

 

Ideally, if you receive immediate payments, it's recommended to use the Sales Receipt feature. You can check out this page for more details: Should I use an invoice or a sales receipt?.

 

Additionally, I recommend visiting the following articles to learn more about when to make bank deposits, as well as how to use Undeposited Funds in QuickBooks:

 

 

Fill me in if you have additional questions about entering payments in QBO. I'm always here to help. Take care always.

Ptonjalken
Level 3

Am I using DEPOSITS wrong?

Hi I think I figured it out and what you are saying makes sense.

The issue I was having was the deposits not being linked to a product - but the Balance Sheet definitely includes them.

 

In the future I will log all deposits as Sales Receipts instead so I can link that $$ to a product for tracking.

Thanks

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